This segment from Friday’s Bill Moyers Journal is definitely worth watching. Robert Johnson, former managing director of Soros Fund Management and an expert in emerging markets, believes the government’s approach — which he calls “drip intravenous capital injection” — wastes taxpayer money and won’t solve the financial crisis. The Obama administration’s approach, Johnson argues, is too cautious.
Indeed. Nationalize the banks and get it over with. Sack their top management, strip them of their toxic assets and send them back into the market. Call it “restructuring” if that helps get the American people past the irrational fear of nationalization (largely whipped up by vested interests to protect the demonstrably failed status quo).