US FedReserve is examining the Nordic bank nationalisations

[katty]

Fed eyes Nordic-style nationalisation of US banks
By Ambrose Evans-Pritchard, International Business Editor
Last Updated: 2:58pm BST 31/03/2008
more: http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/03/31/cnfed131.xml

The US Federal Reserve is examining the Nordic bank nationalisations of the 1990s as a possible interim solution to the US financial crisis.


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The Fed has been criticised for its rescue of Bear Stearns, which critics say has degenerated into a taxpayer gift to rich bankers.

A senior official at one of the Scandinavian central banks told The Daily Telegraph that Fed strategists had stepped up contacts to learn how Norway, Sweden and Finland managed their traumatic crisis from 1991 to 1993, which brought the region's economy to its knees.

[Diclotican]

1. katty

katty

One thing is to se what we was doing right,when our banks almost was going down. It was not a easy task, and if I reckon it right, many lost their savings, when the shares was going down to ZERO... The 1990s was hard when it come to the banks.. But it worked... in the end.

On the other side, it was possible right, and after the hard work was been finished, our banks was back, better, stronger, and maybe in better shape than ever....

Diclotican

Sorry my bad english, not my native language

[katty]

3. well, indeed, that is good news-US Feds will have to do

something fast-that will work...we can't just carry on like this much longer. Thanks, your English is fine--I understand what you are writing! :)

[Diclotican]

5. katty

katty

Wel, that is the matter at hand. If they decide to do it, then they must do it to all banks who are in danger. Not just a few one to get a point out. And THAT would cost the US Treasury a lot of money... It cost our Central bank a lot of money to save our banks. And it was not in the billions of red, bad loans.. Rather in the milliards... The 1970s, and 1980s loan bung was not good when the loan was to be repaid.. And many lost their home here in Norway too. But we have some "safety net" here, so they who lost everything, was given help. And to my reckon, it was never tent homes, and city's in the outback of our bigger City's. But many have to go the very long way to our social affair offices. And that is NOT a funny road to go.. !

Thank you, for your kind word about my english, it is going better and better, but I guess it is long way yet, to be skilled at english. But I working on it..


Diclotican

[katty]

8. good information, I think we are in for the long haul and

many will suffer because of the irresponsible greed that is rampant-we have hit the wall.

[Diclotican]

9. katty

katty

It is something like this.. If you don't listen to other have been doing before you, you have to learn it the hard way...

And I would be sure that US are in for some long hard time when it come to saving this banks... And I would be sure to say. Both rich and poor would loose a lot of savings, before this thing is over..

On the other hand, maybe US would be little more "healthy" when it come to economic after a real breakdown, like we discovered it in the 1990s.. Our banks are much more inclined to say NO to bad loans now, then they was two decades ago...

Diclotican

Sorry my bad english, not my native language

[katty]

10. yes, agree-both rich, middle will lose alot - the poor,

are always struggling to stay afloat--it will be harder for them, as if it is not bad enough already!
U.S. may weather this a little better...i hope so....thank you so much for your thoughts.

[LiberalFighter]

2. What the hell was Paulsen doing?

[katty]

4. aww, yeah?! this is the New Orleans nightmare, FedStyle

[DBoon]

6. What? That's SOCIALISM!!!!

If individual responsibility is good enough for us common folk, why isn't it good enough for the banks?

This is the same federal government that refuses to extend SCHIP, because they don't want the government involved in health insurance.

So it's OK if kids die, but not OK if a lot of investors lose their investments?

[katty]

7. i know, and we have seen a complete LACK of corp/fed

responsiblity...over and over again....there is no foundation anymore.

[tama]

11. more like corporate fascism

But please don't copycat the Nordic "nationalizations" - they weren't. They were just elaborate schemes to bail out fat cats with taxpayer money and to save and further the power of the central pillars "neoliberalism" aka robber capitalism - the banks.

If you want to and need "nationalize" aka socialize and democratize banks follow Venezuela's example and start from the central bank, the Federal Reserve, and put it under democratic control.

[katty]

12. concur-corp fascism - the definition of fascism (corp+gov/state)

[cliss]

13. It's truly amazing to watch the latest

rescue mission. The media seems to be sending the signal that "things are OK now", the stock market appears to be rebounding.

It still goes back to the same thing: our economy is still heading downward. In fact, there are black clouds on the horizon and we've only felt the first rain drops.

THE FED can't fix it. The problems are too big.

THE FED knows it. All they can do is stall for time.

It's the Average Joe who's going to bring down the economy (foreclosures) = something THE FED is clueless as to how to fix.

THE FED is part of the problem. THEY got us to where we are today.