Please Note: Germany in the 1920's and thirty's had a banking crisis

[Porschenut1066]

The central problem was a credit crunch, and the Nazi Government of Adolph Hitler then started to take over the Financial sector of the economy. Including nationalizing Banks, Mortgage Companies, all in the name of rescuing the economy but in fact it was concentrating all of the financial power in the hands of the Government. This then gave the German Government control over the markets and who got credit and who did not. They used this power to seize Jewish assets and to discriminate against the Jews by denying them access to capital.

What is happening today all sounds very reminiscent of what happened in Germany. I hope I am wrong but, this was one of the last moves before the Nazi Party took complete control of the "Homeland".

[billyoc]

1. So did the United States in the '80s.

Settle down, Beavis.

[On the Road]

5. This One is Actually a Lot Bigger

Washington Mutual by itself, which is by no means the largest domino to fall, had 2/3 the deposits of all the failed S&Ls 15-20 years ago. It may require real nationalization.

If that happens, I doubt the government would do what Hitler did, even under a Republican president, and would probably reprivatize when conditions improve.

[nadinbrzezinski]

10. Which is what the brits have done a couple times

and in this one, I think we are following them... under the authority written in the legislation

[aquart]

2. Uh huh. And what differences do you find from Hitler's Germany?

Are we completely identical, my paranoid pumpkin?

[Porschenut1066]

13. The only difference is that the Nazi's were antisemitic and the Neocons

are not but,otherwise they are exactly the same. Both the Nazi's and the Leo Struass Neocons follow a very right wing fascist philosophy that believes that a liberal democracy will lead to the downfall of civilization as we know it. The Neocons and their endless war, need to keep people in fear, removal of due process, detention without trial, military tribunals, a unitary executive, ability to rule by diktat (executive orders)
the belief they are above the law, the need to deceive the people,the fact that the Neocons are not only above the law, but that they have no need to follow any morals. ethics or religious rules since those are only for the control of the ignorant masses.
They believe that the powerful must as a matter of duty rule over and dominate the weak. They believe in the projection of military power to acquire raw materials that are currently owned by some one else. They believe that diplomacy is only for the weaker not for the dominant.

Is any of this ringing a bell?

Can you see this Bush administration in most if not all of this?

We are not that different to the Europeans, Germans (only 23% of the German people ever supported the Nazi's), the Italians, the Spanish, nor are we that different from the people in Chile and yet they too were taken over by a fascist dictatorship of Gen. Pinochet.

I know I sound like a maniac but I have studied History for 25 years or more and the stark similarities are very unsettling.
We need to be very careful and diligent in making sure that every vote is counted and every eligible voter is given a chance to cast a ballot. We need to defend our rights and defend our voice and not let this Bush administration try to relegate free speech on College Compasses to remote areas where the mainstream students can not hear nor see what one is saying.

[nadinbrzezinski]

3. Hmm except that the same happened in the United States around the

same time frame... credit crunch and all

;-)

The authority to do this is in the bill... the one people hate... and it has many elements of early depression era legislation. One is the back door equity... as the righties call it

[2speak]

4. Let us be civil and discuss maturely.

[sandnsea]

6. Yeah I'm not thrilled with this nationalization stuff

It's one thing to have interest in the securities, but in the banks themselves, horrible horrible idea. We're going to be serfs before too long if we don't open our eyes.

[JDPriestly]

8. I agree with you.

Since Johnson took over in 1963, our government has become too corrupt to be trusted with this kind of economic power in addition to the military power it already has. It's horrible.

Whatever happened to the enforcement of antitrust law. No corporation should be permitted to become too big to fail. It's that simple. These companies should have been forced into bankruptcy, and their profit centers should have been sold off. Up and coming fresh competitor companies should have been allowed to buy parts of these companies, but not to the extent that the purchasers also became too large.

[nadinbrzezinski]

9. I fear the only way to defuse the derivatives bomb is to literally send

EOD in there... and defuse it, aka take a look at books

The authority to do this was in the bill, the back door equity... and it has been done successfully before... good news... current guv'ment will be gone soon enough... and I believe we may be able to trust the next one (to a point) if McCain does not steal it.

I am personally savoring the irony... free marketeers doing this... it is ... RICH

[sandnsea]

11. They don't need ownership to look at the books

Bank regulators have the authority to do that. Again, equity in the securities is one thing, which is what the bail out authorized. But not in the banks themselves, that is a horrible idea. People keep forgetting that we're dealing with the Bushies who are finally in a position to get what FDR kept them from getting in the 30s.

[nadinbrzezinski]

12. I am not forgetting a thing, this was done in the 30s

and it did even better wonders in Sweden

And what FDR kept them from getting and should have prosecuted them for... was a fascist state... in a fascist state (the exception is germany to a point) the guv'ment does not own the banks... plenty of history on this. The banks are allies to them.

Here they are following the Brits, who are following the swedes, who are following us... nice circle...

[Porschenut1066]

15. One point to remember: Neocons are National Socialists (w/o Anti

Semitic traits) all of this nationalization should be expected from a Socialist party. The Neocons run the Republican party therefore the Republican party is actually the Socialist party. The National Socialists in Germany did the same thing had a rescue plan which involved getting involved in the financial markets and eventually buying(nationalizing the banks) The Neocon advisers to the Republicans are only getting them to follow the National Socialist playbook.

I guess the Neocons are so far to the right they begin to be on the left.

[JDPriestly]

7. John Gunther wrote an interesting historical novel on the bank

crash of the early 1930s in Austria. It is called "The Lost City." It is long. I'm not sure how easy it would be to read for people who do not know Austrian culture well. I love it although the intro is long and there are a lot of characters to follow. It's a great book, but not the lightest reading. Historically, pretty true for a novel, I believe.

[Hardrada]

14. Thanks. I will check on that one. Gunther was good at understanding

other cultures and trying to convey a sense of them to American readers. I think that on the whole the plan did not work out but he certainly tried his best.