Friday, February 20, 2009

And Dodd and Schumer

Something tells me the FDIC might have a very big meal soon.

Like Josh (and Schumer) I don't think "nationalization" is the best word to use, but it's also the word that is being used. It isn't about taking over the banking system permanently, it's about wiping out the shareholders, temporarily taking control, and either selling off the assets or selling what's left to another entity.

I see chatter about how it's one thing to do it to some small town bank and another to do it to these large banks. Remember, they did it to Washington Mutual not all that long ago...