Program Note: Make sure to tune in tonight to hear Ali Velshi and other economic experts answer your questions on AC360° at 10 p.m. ET.
CNN Chief Business Correspondent
What is all of this talk about bank nationalization? Let's just change the word. It conjures up images of Castro forcefully seizing private businesses. That's not what this is.
Markets tanked on Friday because investors negatively interpreted the government's "nationalization" the banks.
But there's a big difference between the US government taking controlling stakes in US banks to recapitalize them, because no one else has the money or will to do so, and Hugo Chavez expropriating refineries owned by Exxon-Mobil to exclude private investors from profitability and to control a resource.
Free-marketers are spinning this quite unnecessarily and causing panic among investors. The government is able to access money more inexpensively than anyone else right now.
I don't think the government, or we, have any long term interest in owning banks. This is a short-term solution to inject money into banks so that they continue to be able to extend credit and keep the wheels of commerce in motion.
I'm not arguing in favor of or against it. It might just be easier if they call it something else.
What do you think?
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