Bank Nationalization

Discussion in 'Economy' started by SpidermanTuba, Apr 7, 2009.

  1. SpidermanTuba
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    SpidermanTuba BANNED

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    Why is it socialism for Obama to want to partially nationalize some banks, and patriotism when George Washington signed a bill to charter the 1st National Bank and have the U.S. government buy 20% of the stock?
     
  2. manu1959
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    manu1959 Left Coast Isolationist

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    double standard......it would seem the fed is after the securities and equites market not the banks per se.....goldman sachs is going to come out of this as a very powerful player .....
     
  3. wimpy77
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    wimpy77 Member

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    actually some banks at this point are already nationalized.
     
  4. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    It wasn't "patriotism" when George Washington bought into Hamilton's nonsense about a national bank, it was unconstitutional.
     
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  5. SpidermanTuba
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    SpidermanTuba BANNED

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    You say it was unconstitutional. I say it wasn't. And there was just the same debate back in 1790. This was before Marbury v Madison, so the decision was ultimately up to Washington.

    On a tangent - you'd think since they WERE the Founding Fathers, they would have known what their intent was and there would have been no debate as to the Constitutionality. This just goes to show the very idea of "strict constructionism" is whack - before the ink dried on the paper of the Constitution the very same people who wrote it were debating about what it actually meant, there was no definitive "original meaning" to the Constitution.
     
  6. DavidS
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    DavidS Anti-Tea Party Member

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    How so? What part of our constitution discusses nationalizing banks being a big no no?
     
  7. SpidermanTuba
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    SpidermanTuba BANNED

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    I think the debate was over whether or not the bank was "necessary and proper" to the explicitly states powers of the Federal government. I dunno though, but there was a debate as to its constitutionality. Unfortunately at that point Marbury v Madison hadn't happened, so it was also unclear as to how issues of constitutionality would be decided.
     
  8. sealybobo
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    sealybobo Diamond Member

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    The Constitution does not expressly mention federal agencies like the Federal Reserve. Some call federal agencies the "headless fourth branch" of the federal government.

    And look what Thomas Jefferson said:

    The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.

    These people left England because of shit like this. It wasn't just for religious freedom. The corporations got too powerful and the poor got poorer so the poor left.

    When this happens to us, where will we go?
     
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  9. sealybobo
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    sealybobo Diamond Member

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    The Constitution does not expressly mention federal agencies like the Federal Reserve. Some call federal agencies the "headless fourth branch" of the federal government.

    And look what Thomas Jefferson said:

    The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered.

    These people left England because of shit like this. It wasn't just for religious freedom. The corporations got too powerful and the poor got poorer so the poor left.

    When this happens to us, where will we go?

    Here is another Jefferson quote: Banking establishments are more dangerous than standing armies.
     
  10. editec
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    editec Mr. Forgot-it-All

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    Nice, dude.
     

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