Bank Nationalization

While you were sleeping, the banks were taken over.

Wall Street Journal Headlines

“Pay Slashed at Bailout Firms: Treasury Orders

Average Cut of 50% for 175 Top Earners;

Cash Salary Cap is $500,000”

“Fed Hits Banks With Sweeping Pay Limits:

Thousands of Firms Affected in Plan Meant to

Discourage Risky Bets; Small-Town Institutions

‘Pay for the Sins’ of Big Players”

“AIG Compensation Proposals Fail to Pass Muster:

Feinberg Rejects Chunks of Packages for

Highly Paid Workers; Bonuses Still Possible

for Unit That Nearly Toppled the Firm”

“U.S. Isn’t the Only Nation To Impose Restrictions”

Questions:

Is this what nationalization looks like?

Do we need bankers? Can’t the government do their jobs instead?

Do we even need banks?

Maybe we should just get it over with, expand Barney Frank’s role,

and give him lifetime sinecure, divine right of kings, or some other

form of  veto-proof authority and tenure.

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