Monday, February 23, 2009
This editorial in the Wall Street Journal points to some semantic differences when people use 'nationalization.' Quite correctly, the author points out that the Federal Deposit Insurance Corporation (FDIC) quite regularly 'nationalizes' failed banks. But this is potentially quite different than what is being proposed by some. The devil is in the details. But, so far, very few details have been forthcoming. By being purposely vague, the Obama administration can hide their agenda is something that resembles common sense. Or, maybe they just do not know what they are doing.