Poll: Most Americans Support Bank Nationalization

A new Newsweek poll features some notable findings on the key economic debates playing out in Washington and in the media right now.

For instance, a majority of Americans supports temporary nationalization of failing banks over government financial aid without government control. Fifty-six percent of respondents said nationalization is the better way to deal with failing banks.

11. Temporary nationalization is another way for the federal government to deal with large banks in danger of failing. This is where the government takes over a failing bank, cleans its balance sheets, and then quickly sells it off. In general, which do YOU think is the better way to deal with failing banks...

29 Government financial aid WITHOUT any government control of the bank, OR
56 Nationalization, where the government takes temporary control?
11 Neither/Other (VOL.)
4 (DO NOT READ) Don't know
100

Congressional Republicans fought to reduce the size of the Obama administration's economic stimulus package, but a 40% plurality of a respondents said the administration's $800 billion stimulus should be just a starting point -- more money will be necessary for it to be effective. Thirty-seven percent told pollsters the stimulus won't work at all and that the government shouldn't be spending money this way. Another 15% said the stimulus was just the right size.

The survey had some particularly bad news for congressional Republicans, who are struggling right now not to appear as obstructionists. Only 31% of those polled said they thought the Republican opposition had a plan of its own for turning the economy around. Nearly 60 percent -- including 42% of Republicans -- said the GOP has no economic plan.

Comments

[HarveyMo]

I think creative Nationalization of the major banks might actually have a good chance of succeeding. Hive off a solid balance sheet and place this under new management (I mean NEW management - promote the tellers). Then send what's left to bankruptcy court. The creditors will squeeze the remaining assets, as they should. Since this would be a constructive fraudulent conveyance if you or I did it, only the government can do it, but if done quickly, it will work.

What we don't want are any assets in the hands of the government (recall the plethora of RTC sweetheart deals).

[zest]

you gotta do what you gotta do.

[PhilipTaylor]

GOOD NEWS! Simon Johnson, a former IMF economist and MIT Professor says, "I think it's (letting a WS Bank Fail) a commendable start."
__________­__________­__________­__________­__________­_________

Nationalizing Big Wall Street Banks and AIG is Easy, Fast, Cheap, Simple.

1. Simply take the bank/insurance co. over... Fire the CEO/Executives and the Board of Directors.­.. They get nothing.
2. Declare the stock worthless, the share holders get nothing.
3. Audit the books, absorb toxic debts and any positive balance pays Bond Holders.
__If bank is Deeply Bankrupt close it.
4. Put in new management to run the bank while it is under Govt control
5. Sell stock to recapitalize the bank and it is back in the private sector
6. Get Taxpayer Money Back from Corporation and Executives

Whole process takes a few weeks or months and a Clean New Bank is Born!

Its been done a thousand times and to solve the problem of the 8 Big Zombie Wall Street Banks we need to do it again or otherwise spent $Trillions of Taxpayer Money.

We must stop pretending that the Toxic Paper can be pumped up with tricks to save investors at Taxpayer expense! Also, we must cancel the Casino Bets called Credit Default Swaps that AIG offered!
__________­__________­__________­__________­__________­______

Depositor Protection Act of 2009 introduced by Dodd (to protect deposits) is requested by FDIC chief Sheila Bair, FED Chair Bernanke, and Geithner. This is a very GOOD SIGN that are GETTING IT!

[andyg]

You mean steal the share holders money.

[MakeAWish]

If banks were nationalized, then they would have to disclose where or to whom our tax dollars went. Can't have that! Where did those trillions of dollars go?

[elb938]

Most Americans are morons.

[joebhed]

Amen.

Especially when it comes to money matters.

[underthegun1]

Most of Americans wanted the war to happen as well...and some even voted for George Bush. The point: MOST AMERICANS ARE STUPID

[Taughtology]

You buried the lead.

11% said neither. That is the Republican position.

[noamjunior]

What the gopers and cons fail to realize I guess, is that nationalization now is buying the stocks now that are low in order to sell them later at a higher price.

[EricPrentis]

The only way that bank lending will begin again is if the FDIC seizes all failed banks and reorganizes them, including Citigroup, BofA and insurer AIG. Otherwise, Federal Reserve Chairman Bernanke and Treasury Secretary Geithner are condemning Americans to a Japanese style lost decade resulting in poor US economic growth. If Bernanke/G­eithner/Su­mmers won’t do this, lets replace them and find those who can.

[momof3inGA]

I agree.

[harriscrl3]

Looks to me like W finally did it. He turned America into a socialist country. We are all socialist now.

Carol

[Helzapoppin]

Although I agree with the actions that the poll results support, that doesn't change the fact that public polls like this are virtually pointless. The majority of Americans don't know their own asses from a hole in the wall, let alone know enough about national issues to offer an intelligent informed opinion.

[Realization]

The U.S. needs a strong financial sector. Looks like the only way to get it back on track is to take over and drastically revamp the way things are done. That means new management, better regulation, and a new vision. Sooner the better. When it is back in shape, sell it for a profit. There should be no confidence that the current crowd is capable of reforming.

While we are at it, the entire discussion is lacking a major component - we need to specifically address eliminating the trade deficit and rejuvenating manufacturing and technology.

[solarian]

yes they should be taken over by the government and fire all the ceo's and fire the board to

[ExRepublican]

"For instance, a majority of Americans supports temporary nationalization of failing banks over government financial aid without government control."

Oh. They favor TEMPORARY nationalization. Headline might be a tad misleading? Ah, but that is nit pickin.

How about this one. " Poll: Most Americans Support Bank Nationalization"

Yeah but.

But most Americans, the overwhelming majority, believe in Jesus. Does that make J*ses real? No, it shows we are still backwards as all get out.

But, most Americans believed in GWB and the "War" on Iraq. Does that make GWB right and the Iraq War the right thing to do? or the exact wrong thing to do?

But most Americans, honest to god, believed you could print money/$ bills ........ more and more and more ...... forever, and not suffer severe consequences. So, because most were for it, meant it was right?

But most Americans thought you could buy a house with nothing down and little income and get away with it. The Real Estate MASSIVE bubble caught them totally by surprise. ahem.

Bottom line. Most Americans have no clue as to what nationalization (fox guarding the henhouse) means to them/us. It's a stupid poll.

[ssg111]

My God, someone on HuffPost with a brain, and not the typical Huffposter with massive credit card debt who thinks nationalizing the banks is gonna absolve them of their financial responsibilities

[momof3inGA]

You shouldn't have brought Jesus into it.

[mergina]

Do whatever it takes to eliminate the BANK ROBBERS OF AMERICA, the CITIROBBERS, CHASE US IF YOU CAN ROBBERS, and on and on and on. The collapse of the system, if you want to call it that, is no mystery to the ROBBERS. They've known EXACTLY what they were doing to run away with billions, and to hell with the rest of America, to hell with the rest of the world. HEADS HAVE GOT TO ROLL.