I'm not sure if the banks can be fixed without some sort of nationization.
The big question is, do we rely on the stock market too much now? Will people only be happy with the economy if BAC goes from 3.5 to 50 in the next year? Bank of America fell from about 50 to 2.5 in the past year. Without artifically inflating the stock market, it is an almost impossible task.
The question is, why would things be different if the government controlled the banks? If the government had been running the banks in the past few years, wouldn't we be in about the same place? The top execs might only have made $800,000 like the head postmaster general, and a not-for-profit banking system could be benefiticial to the customers.
|