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blue bits. red rocks.
Tuesday 17 March 2009

The government needs to take over the big banks now, as many leading economists are advocating. Sorting out the tainted assets after the banks are nationalized will be a great deal easier and cheaper. Once cleaned up, government should sell the banks to private investors, but not to Wall Street predators to run into the ground again. Break them up and sell the pieces to local investors to operate as community banks, mutual savings and loan associations, and credit unions within a strict regulatory framework that restores the concept of individual local banks devoted to meeting the financial service needs of their communities. Never again should any private bank be accountable only to Wall Street or be too big to fail. David Korten

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