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We're All Swedes Now?

Barack Obama says he is moving toward a Swedish Model of nationalizing banks. You thought the Dow was down today. I have a feeling we haven't seen anything yet. From the Financial Times:


Barack Obama, the president, who has tried to avoid panicking lawmakers and markets by entertaining the idea, has recently moved more towards what he calls the "Swedish model" - an approach backed strongly by Mr Graham.

In the early 1990s, Sweden nationalised its banking sector then auctioned banks, having cleaned up their balance sheets. "In limited circumstances the Swedish model makes sense for the US," said Mr Graham.

Mr Obama made it clear last week that he favoured this model over the piecemeal approach taken in Japan, which many would argue is the direction US public policy appears to be heading.

"They [the Japanese] sort of papered things over," Mr Obama said. "They never really bit the bullet . . . and so you never got credit flowing the way it should have, and the bad assets in their system just corroded the economy for a long period of time."

Senior administration officials acknowledge that the financial rescue plan unveiled by Tim Geithner, Treasury secretary, last week could result in the temporary nationalisation of some weak banks.


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Comments (10)

And why yes. Once the govt ... (Below threshold)
retired military:

And why yes. Once the govt nationalizes all the banks they will just auction them off and relinquish all that power.

Anyone have doubts about the 2nd part of that plan?

"Senior administration o... (Below threshold)
Oyster:

"Senior administration officials acknowledge that the financial rescue plan unveiled by Tim Geithner, Treasury secretary, last week could result in the temporary nationalisation of some weak banks."

Believe you me - there's nothing "temporary" about anything the government does.

Good Lord. It's been barely... (Below threshold)
KurtO:

Good Lord. It's been barely a month. God help us at the end of this four year nightmare.

The "Mr. Graham" referred t... (Below threshold)
Bruce Henry:

The "Mr. Graham" referred to here is Sen. Lindsey Graham, R-SC, FYI. McCain is on board, too.

As a true Swedish-American,... (Below threshold)
epador:

As a true Swedish-American, I can offer this comment for Obama:

Jag lurar på.

"...an approach backed stro... (Below threshold)

"...an approach backed strongly by Mr Graham." Sorry Graham, you have no credibility. You voted for Geithner.
http://www.rightklik.net/

"The "Mr. Graham" referr... (Below threshold)

"The "Mr. Graham" referred to here is Sen. Lindsey Graham, R-SC, FYI. McCain is on board, too."

Which is exactly why conservatives think it's a terrible idea.

"The "Mr. Graham" referr... (Below threshold)
Oyster:

"The "Mr. Graham" referred to here is Sen. Lindsey Graham, R-SC, FYI. McCain is on board, too."

And this is supposed to cause us to think exactly what? Senator Gramnesty and McCain of McCain/Feingold, right?

I'm hurt.

The "Mr. Graham" referre... (Below threshold)
Tim:

The "Mr. Graham" referred to here is Sen. Lindsey Graham, R-SC, FYI. McCain is on board, too.

Of course Lindsey Graham agrees with it if John McCain tells him to. Has any man's head ever been so far up another man's ass for so long? We should start calling him Smithers.

Hey, it's your candidate an... (Below threshold)
Bruce Henry:

Hey, it's your candidate and his flunky. I'm just sayin'.




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