ationalization is the only way to save our biggest banks, said Paul Krugman in The New York Times. Citi and Bank of America could lose far more than they're worth in the next few years, so only the government—not private investors—can keep them afloat. "The longer we live with zombie banks, the harder it will be to end the economic crisis."
"The chorus for nationalizing America's struggling banks is growing louder," said Gerald O'Driscoll Jr. in The Wall Street Journal. But Congress would promptly politicize the seized assets, and government meddling—deposit insurance, access to the Fed's lending—is already part of the problem. Rather than entangling them further, "we need to find ways to extricate banks from government's deadly embrace."
"The argument here is silly," said Michael Silverstein in The Moderate Voice. "Bank nationalization is already well underway. Twenty-five banks were taken over by the government last year and more than a dozen so far this year." So let's add Citigroup and Bank of America to the list—"do it quickly, and move on."
- Which professions have the most psychopaths?
- 10 things you need to know today: December 8, 2013
- There is a better alternative to raising the minimum wage
- 6 grammar points to watch out for in Christmas songs
- 7 grammar rules you really should pay attention to
- Rick Santorum wins the prize for the worst Nelson Mandela tribute
- This is how much extra it costs to eat healthy every day
- What to expect when you're expecting (100 years ago)
- How the strange case of Obama's Uncle Omar complicates immigration reform
- 5 books to read before your 30th birthday
Subscribe to the Week