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Harold Meyerson: The Nationalization Option

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A more plausible solution would be for the government to assume control of those banks that are insolvent, as it routinely does when banks go under. It could then install new management, wipe out the shareholders, take the devalued assets off the banks' books, restart lending and restore the banks to private control at a modest profit for the taxpayers. If Geithner's plan makes more sense, he has failed to explain it.

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