Sunday, February 15, 2009

Sen. Graham Advocates Bank Nationalization

This from ABC News --
Senator Lindsay Graham (R-SC) says option to nationalize banks should be on the table

This is disturbing on many levels. One of the most troubling aspects of Graham's suggestion is that he is identified as a "conservative Republican." No, he is not (advocate of amnesty for illegal aliens, for one), and no, this is not a conservative position. Republicans will never win another election if they keep talking like this, and the media are happy to identify Sen. Graham as a "conservative." Well, frankly, he's not and he's hurting our (that is, Republican) cause. --Would recommend a primary challenge for Sen. Graham.

It is tempting to label bank nationalization "socialism," which indeed provides the root justifications. But bank nationalization is actually much closer to Fascism, because it implies state-private cooperation. This is the essence of a fascist economy, and inevitably leads to corruption and cartelization. It is similar to the New Deal, which was devised by intellectuals whose admiration for Fascism (of Italy and Germany) was frank (search for the period writings of such intellectuals as W.E.B. Dubois and H.G. Wells).

American conservatives should reject Graham's suggestion in a full-throated manner and argue instead for freer banking laws and less government meddling in our financial markets. Even the suggestion is dangerous and sets bad precedent.

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