It's all well and good to write "nothing is fucked" internal memos every hour on the hour with the express purpose of having them leaked to the general public but the CEO of our favorite Charlotte-based bank (that last year acquired two black holes) had a serious message to disseminate, and it required a bigger megaphone and more power. Enter: an opinion piece in today's Journal, regarding "Some Myths About Banks," by Kenneth D. Lewis. He bull shits for a while, and then finally gets to the point of the thing:
Myth: The only way to fix the banks is to nationalize them.
This is a misguided premise. The announcement of nationalization would undermine confidence in the financial system and send shudders through the investment community. Politicizing lending decisions and the credit allocation process would be destructive for the economy. Nationalization also would give the false impression that all banks are insolvent. We agree with Federal Reserve Chairman Ben Bernanke's statement that nationalization of banks is not necessary to stabilize the banking system.