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The Big Dither
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Are fears of the N word or nationalization causing Geithner, Sommers and Obama to muddy up prudent decisive action, a serious plan of attack, against the banking crisis. The dithering seen so far says Krugman suggests that Geithner and company think that toxic assets that are worth 40 cents on the dollar are really worth much more, and if only things improve then a large part of the crisis will go away, as these toxic assets get priced at a higher level. This just doesn't look like its going to happen with the losses that companies like AIG are incurring. Bernanke even said there are no zombie banks, and AIG he said was not a zombie financial institution. So dithering continues with risks of a prolongation of this crisis to perhaps a decade, in the President's own words, and the cost much larger with even weaker public support as the bill gets larger.
Nationalization of banks in the U.S. in 2009
01/16/2009
As the crisis deepens and more banks become insolvent, nationalization has become a serious option for the government.
Grouped Articles
Irreversible Damage: Why Little Action on Banking Can Do Great Harm.
New York Times 04/30/2010
New York Times 03/06/2009
New York Times 04/01/2009
Rescue of Banks Hints at Nationalization
New York Times 01/16/2009
U.K. Boosts Its Bailout As Bank Losses Rise
Wall Street Journal 01/20/2009
New York Times 01/21/2009
The Economist magazine and other experts come out in favor of government takeover of banks in 2009 to proceed quickly with restructuring
02/03/2009
The Economist magazine coming out in favor of nationalization for highly overleveraged and badly managed banks in the U.S.
Grouped Articles
The spectre of nationalisation
Economist 02/03/2009
Economist 02/03/2009
A Stress Test for the Latest Bailout Plan
New York Times 02/14/2009
New York Times 03/06/2009
New York Times 04/01/2009
Bank Cleanup Options of bad bank, guaranteeing assets, and nationalization reviewed in the 2008 financial crisis
01/17/2009
Economist, NYT and experts look at the options for cleaning up the bad debt at banks.
Grouped Articles
Irreversible Damage: Why Little Action on Banking Can Do Great Harm.
New York Times 04/30/2010
New York Times 03/06/2009
New York Times 04/01/2009
New York Times 01/19/2009
Wall Street Journal 01/20/2009
New York Times 01/21/2009
Voices of caution about the economic recovery in the U.S. as underlying problems remain.
04/20/2008
Underlying problems in foreclosure rates, job losses, and toxic assets at banks remain unresolved, even as the stimulus spending plans and the Fed's putting money into the economy fast have helped restore some degree of confidence.
Grouped Articles
New York Times 10/10/2010
The Wage That Meant Middle Class
New York Times 04/20/2008
A Trap in Obama’s Spending Plan
New York Times 12/21/2008
In Japan’s Stagnant Decade, Cautionary Tales for America
New York Times 02/13/2009
New York Times 02/13/2009
New York Times 03/06/2009
Krugman thinks no early action to takeover insolvent banks will prolong this crisis, the President wants to "do no harm" by undermining confidence.
03/06/2009
Krugman thinks that this crisis could go on for adecade if no actions are taken to takeover insolvent banks before the situation worsens. THe President in his speech at Georgetown, on April 13, says he has not acted preemptively, not out of coddling these banks and their management, but becuase he did not want to undermine confidence. It suggests the President has moved quickly on many fronts, and he may be taking a pause to take stock of the situation and how to improve public support, before thaking on this issue and a number of others in the next round.
Linked Articles
BusinessWeek 04/14/2009
New York Times 03/06/2009
The efforts of banks in better shape but still weak to wish the crisis away.
03/06/2009
Chase and Goldman's efforts to rewrite history, and act as though they did not benefit from government help is wrong and dangerous says the Economist. Its dangerous because it sends the message that any resoultion of toxic assets on banks books is unnecessary, and these banks should be treated differently when it comes to setting new prudent bank regulations, including setting regulation for incentives that do not support excessive risk taking and leveraging. A change in the economic climate for the worse could make this a dangerous complaceny.
Linked Articles
New York Times 03/06/2009
Economist 06/11/2009
The administration's idea that somehow the bad asset problem can be solved by wishful thinking.
03/06/2009
Can a bad asset at abank really be disposed off through private investors purchases with the help of government money? Under the current circumstances who will decide the value of an asset, and would banks be willing to sell them at 40 cents when they see them worth 50 cents on the dollar?
Linked Articles
Economists Seek Breakup of Big Banks
Wall Street Journal 04/21/2009
New York Times 03/06/2009
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