I’m still shaking this off.
There was a span of about three or four minutes this morning when I actually agreed with Lindsey Graham and Peter King who expressed support for nationalizing the banks during their appearance on This Week.
This of course means that I disagree with both Chuck Schumer (not a surprise — he’s not my favorite Democrat) and President Obama who have each come out against nationalization. Not a shocker for Senator Schumer. After all, he represents New York and the spazzy white guys in lower Manhattan.
However, I think the president’s opposition to nationalization is a soft position. I think he’s opposed to nationalizing all banks, but supports a back door — possibly in the form of this so-called “stress test” — for nationalizing some of the major banks. My hunch is that the president can’t vocally endorse nationalization for fear of the stock market plummeting as it did during Geithner’s little show the other day.