Posted by
Andrews on Tuesday, March 03, 2009 11:37:01 PM
I know I am on hiatus, but all the talk recently of nationalization inspired me to make one brief post.
The recent AIG debacle gives one good example of how even partial nationalization works. Here are some more examples of either nationalized or effectively nationalized institutions: Amtrak (revenues 66% of costs on good years). Public schools. Public utilities. The postal service. VA hospitals. The old AT&T before the breakup. Most bus service.
And, in essence, each and every government office.
Don't those fill you with confidence that nationalization will solve all our problems? If not, then why would we want to turn over our financial services, including all our savings and investments to the same people who gave us the DMV and city bus routes?