Criminals say to nationalize banks

Well, if people like Alan Greenspan and Angela Merkel think this is a good idea, then for certain we should be doing exactly the opposite, because these people are the very financial terrorists who got us into this mess in the first place, and their only concern is covering their own asses. - Ed.

The Financial Times -- Greenspan says it may be necessary to nationalize some banks: As the Obama administration continues to work on its plan for shoring up the bank and financial sectors of the economy, the FT writes that:

The US government may have to nationalise some banks on a temporary basis to fix the financial system and restore the flow of credit, Alan Greenspan, the former Federal Reserve chairman, has told the Financial Times. In an interview, Mr Greenspan, who for decades was regarded as the high priest of laisser-faire capitalism, said nationalisation could be the least bad option left for policymakers. "It may be necessary to temporarily nationalise some banks in order to facilitate a swift and orderly restructuring," he said. "I understand that once in a hundred years this is what you do."

Read more @ The Oval

Germany Drafts Bank Takeover Law

BERLIN (AFP) — Germany proposed drastic measures Wednesday that would allow the government for the first time in modern German history to nationalise banks by seizing their shares.

The temporary law, adopted by Germany's cabinet, gives authorities until June 30 to appropriate the assets of stricken banks but stresses that nationalisation must be a "last resort."

The draft legislation paves the way for Berlin to take control of troubled Munich-based property lender Hypo Real Estate (HRE) -- potentially the first time a bank has been nationalised in Germany since World War II.

Read more @ AFP