Nationalization vs. national pride
Back in the late 80s when the S&L meltdown happened, I doubt that there was as much concern about the government taking over insolvent savings and loans. And there's not much outcry now when the FDIC takes over smaller institutions during this crisis.
My guess is that a lot of the resistance to putting the big U.S. banks into receivership has to do with them being symbols of American power. Their failure would suggest to some that our financial might is diminished... and you know how men feel about being made to feel small. :-)
Labels: economy, U.S. politics
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