A Government Bank? Please, No!
Posted by Bill Anderson at January 17, 2009 07:54 PM
Nearly a century after the creators of the Federal Reserve System believed they had given the banking system its "magic bullet," today's government geniuses are proposing the next logical step: a government bank. No, I am not kidding:
- WASHINGTON (Reuters) - The incoming Obama administration is
considering setting up a government-run bank to acquire bad assets
clogging the financial system, a person familiar with the Obama team's
thinking said on Saturday.
- The U.S. Federal Reserve, Treasury and Federal Deposit Insurance Corp have been in talks about ways to ease a banking crisis that is once again deepening -- and a government-run "aggregator bank" is among the options.
- Outgoing Treasury Secretary Henry Paulson and FDIC Chairman Sheila Bair both said on Friday a government bank was one of a number of ideas U.S. regulators had been discussing.
- The source said advisers to President-elect Barack Obama, who takes office on Tuesday, were also considering the idea of an aggregator bank among a range of options that could be pursued.
- David Axelrod, a top adviser to Obama, told Reuters the new administration would have something to say about a fresh approach to the financial crisis in "the next few days."
- The U.S. Federal Reserve, Treasury and Federal Deposit Insurance Corp have been in talks about ways to ease a banking crisis that is once again deepening -- and a government-run "aggregator bank" is among the options.
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