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What's the downside to the government taking over banks???

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Asked by aquamarinemom at 12:20 AM on Oct. 13, 2008 in Politics & Current Events

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Answers (8)
  • "Nationalizing" them, in effect we are socializing our government.

    Answer by hibicent at 12:26 AM on Oct. 13, 2008

  • It is a step towards Socialism-----do a search on it and see where this leads-----

    Answer by Anonymous at 12:55 AM on Oct. 13, 2008

  • I am very concerned about the socializing of our society, and where does it stop? I am not sure what the answer is.

    Answer by SusieD250 at 1:54 AM on Oct. 13, 2008

  • Susied250, I understand being concerned about where our country is going, but you're in fear of the wrong things. Socialism is A) not communism B) not going to happen in this country, and C) not as terrifying as a lot of other possibilities. There are many Socialist Democracies that are doing far better than we are with far more freedom at this moment. I would be much more concerned that our country is on track to another depression and we really only inches away from martial law. Look into why deployed troops are suddenly being sent home to "protect the home front".

    The real downside to this bail out is that the government has taken our money and handed it to the crooks who caused this disaster in the first place, with almost no oversight or regulations about where that money will end up. We are paying them for causing a global economic catastrophe.


    Answer by CluelessCarrie at 7:01 AM on Oct. 13, 2008

  • The government is so very, very bad at doing anything well. Anything that is run by the governemnt costs much more for far less service than things done in the private sector. So, if the government runs the bank, we can expect:
    Most ATMs will run out of cash regularly since it takes an efficient distribution system to make sure each machine has money inside of it.
    Bank fees will double or triple since it takes competition to keep fees low. The same applies for the interest paid on savings accounts and the interest charged on credit accounts.
    Bank tellers would become very rude and uncaring - it is very difficult to be fired when you are a government employee.
    Forms for loans and other credit will get longer and more complex. Have you ever seen a simple government form?

    Answer by kaycee14 at 12:20 PM on Oct. 13, 2008

  • socialism? The people have no control over their government at this point. The government will say 'ok lets do this for NOw' but then they will never take it back and will keep putting more and more laws and restrictions in place.

    Answer by kittymommy at 9:42 PM on Oct. 13, 2008

  • That is just not true. There are plenty of countries that employ socialist programs and the people have way more control than we do. Just look at the Scandinavian Socialist Model. They have better health care. The people have the right to choose between socialized or private care. Their banking is definitely not out of control. They just have more oversight. Private enterprise is still thriving in these countries. There is no agenda to remove capitalism, freedom, voting rights, or democracy.

    Our government invoked a socialist use of our money without any regard to us, the citizens. That is not a true democracy or a socialist democracy that we are living in. I'm not sure what that is. It's criminal in my eyes.

    Answer by CluelessCarrie at 10:02 AM on Oct. 15, 2008

  • woaaah hooo. good question.

    its more like no change - there is no downside, b/c currency is theoretical. The value of the dollar is already controlled by the government when it borrows from the federal reserve. the gov't is responsible for inflation, which is intentional and debt, which is relative to inflation.

    Or something like that... lol

    Answer by KellyParadise at 5:19 PM on Feb. 26, 2009

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