Comments on: America needs a pre-privatization plan

By: McCulley: We need the political will to socialize the losses - Credit Writedowns

McCulley: We need the political will to socialize the losses - Credit Writedowns — Sat, 09 May 2009 01:03:28 +0000

[...] I don’t buy it. McCulley is talking his own book. It is a self-serving statement. Nationalization or stuffing bondholders are equally good ways of stopping this spiral. Nevertheless, here is what [...]

By: Edward Harrison

Edward Harrison — Mon, 02 Mar 2009 14:57:23 +0000

Chris, the FDIC is an integral part of this process. You missed where I said:

Small institutions are being seized by the FDIC every week. Not only should this continue, but the FDIC should be given greater capital and more resources with which to continue doing so.

Also, note, Yves Smith says similar things in on CNBC. I mentioned this in a prior post, "Yves Smith: Nationalization is what the FDIC is doing every week"

By: Chris

Chris — Mon, 02 Mar 2009 14:44:44 +0000

You don’t mention the FDIC. Why couldn’t the present situation be “resolved” through the application existing US law? I think it would cover all three of your options quite nicely.