Friday, January 16, 2009

Nationalization.



The losses are so large at Citi and Bank of America that it appears nationalization is the only option. From today's story in The New York Times: 

 “We are down a path that this country has not seen since Andrew Jackson shut down the Second National Bank of the United States,” said Gerard Cassidy, a banking analyst at RBC Capital Markets. “We are going to go back to a time when the government controlled the banking system.”