U.S. Lawmakers Clash Over Nationalizing Banks to Stem Declines

[Joanne98]

Feb. 21 (Bloomberg) -- U.S. Senate and House Democrats who steer financial-industry legislation clashed over having the government take over some banks as a way to help lenders that have been hammered by the worst economic slump in 75 years.

Senate Banking Committee Chairman Christopher Dodd said yesterday some banks may have to be taken over for “a short time,” and his House counterpart, Financial Services Committee Chairman Barney Frank, along with Republican Senator Jon Kyl rejected having the government step in to run banks.

“I don’t welcome that at all, but I could see how it’s possible it may happen,” Dodd, a Connecticut Democrat, said on Bloomberg Television’s “Political Capital with Al Hunt,” broadcast this weekend. “I’m concerned that we may end up having to do that, at least for a short time.”

Citigroup Inc. and Bank of America Corp., which received $90 billion in U.S. aid in four months, tumbled as much as 36 percent yesterday on concern the U.S. may take over the banks. The Obama administration in response said a “privately held” banking system is the “correct way to go.”

http://www.bloomberg.com/apps/news?pid=20601087&sid=aR6hS.HsqHc4&refer=home

I'm beginning to wonder about Chris Dodd. When Geithner announced his plan CNBC used it it talk down the market. They bitched about the Mark to Market" rule. Then after the market closed Dodd made a statement saying they were considering getting rid of "mark to market". This allowed Larry Kudlow to make a big deal about how the markets had rallied (in Asia) because the market loved what Dodd said. Now once again, Dodd is going against the WH.

The CNBC criminals once again talked down the banks with their fake "nationalization" stories. So they can naked short the banks. The WH says Obama is against "nationalization" and the market rallies a little. Something the criminals on CNBC didn't want to happen since they are shorting the banks in secret.

Now Chris Dodd comes out once again doing what CNBC wants. hmmmm.

I'm for nationalizing the banks but I'm NOT for helping CNBC scam the market. It's beginning to look like Dodd is helping them.

We'll see if this happens again next week. Three times and you're out.