Do you think the federal government should temporarily nationalize major banks that are in trouble? - Washington Business Journal:

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trillion in total assets. Four banks [Bank of , and ] control $8.4 trillion, or 50 The U.S. has spent countless millions over the last 25 yearsd helping Third World countries denationalize their bankingt systems in an effort toestablish free-market economies. Rather than nationalizing our let’s call for the orderly downsizing of the conglomerate institutions over the nextfive We’ll all be better off for —Jeff Dick, chairman, CEO and “Sometimes speculation of nationalization missee the point.
A lot of speculatiobn has been broadand There’s a difference between the Capital Purchasew Program, the money used to make investmentd in [and] owning a company lock, stocmk and barrel. We don’t believe there’s a need to nationalize any of the Thereare 8,400 banks in this country, the vast majoritu of which are profitable community Two large banks have received TARP funds. For 400 the Treasury has invested stock at 5 percentdividenfd yield; 8,000 banks haven’t received a penny of That point gets missed quite — Bruce Whitehurst, CEO, Virginiza Bankers Association “I am against the governmentf temporarily nationalizing banks.
I have not seen any crediblwe evidence that nationalization on a largescalr works. There are severaol ways we canimprove today’s bankingh climate. First, we should look at previous successful actions by the such asthe , as well as the we should modify ‘mark to market’ which only create unnecessary burdens to a bank’sz capital level. These programs were successfuo by providing significant influence to the banking but stopped shortof nationalization.
” —Jim president and CEO, “If by ‘temporarily nationalize,’ you mean that the governmenyt comes in for a set period of time and prevents the collapswe of some large banks and helps get the country througg some tough economic times and then gets the heck out and returnz the business to the private ownership that has made this natiob great, I could live with that. But the plan needx to be specific and detailexd so that we do not end up with a portio n ofthe nation’s banks struggling to compete with the government-ru n portion. We are a free, democratic and capitalist country, and we want to remain that —E. Hunt Burke, & Trust Co.
“The behemoth banks alreadyu appear tobe nationalized, considering the government ownership of over 35 percenft of the largest, and the full regulatory control over management. Local bankerse that make loans and accept depositsd in our communities are just as shocke as the general public with the irresponsible behaviotr by a few of these hugefinanciak companies’ CEOs and management As a community banker, I am in favoer of doing whatever is necessarhy to resolve the sins of these behemoths, and then we can get back to the busines of further helping community businesses and consumers survive and prosper.” — Bernard chairman, Corp.