"There are some commentators, pursuing an ideological agenda, who want to use the current crisis to nationalize the entire financial system. That is nationalization in the style of a Latin American despot." -- Gerald P. O'Driscoll Jr.
"Some commentators," huh? I can't think of any. The author doesn't bother to name these influential public intellectuals (space issues, I'm sure) but presumably their outlet is the Socialist Worker. O'Driscoll, a Cato fellow, instead offers a uniquely neo-hooverite proposal: The best way to solve the crisis is to end federal deposit insurance, lending from the Fed and federal bank guarantees, since the dread specter of "politicization" hangs over all government activity. You can make crazy arguments if you want, but at least try to argue against what people like Alan Greenspan et. al. are actually for: "And once again, long-term government ownership isn’t the goal: like the small banks seized by the F.D.I.C. every week, major banks would be returned to private control as soon as possible."
-- Tim Fernholz
