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-- hints that nationalization of the banks is a real possibility Bancshares of course -- tanking right now there's McDonald is with us.
Listen it this is this -- responsible thing to send it.
It's an undesirable thing to say and that's being kind remember in the summer with senator Schumer say that effectively.
Make public letters to the Office of Thrift Supervision the FDIC.
But his concerns that indymac was insolvent that triggered a run on the bank and a lot of complaints back then that he helped you know hasten the demise of indymac so this is -- real concern we have senator's talking about very serious issues that moves the markets and move banks stocks like -- -- what's happening today however.
Tim Geithner in his statement the other day did not specifically rule out the nationalization of banks I mean I'm sorry it was Ben Bernanke -- but he did not rule it out it was a negative in the long run it didn't rule it out.
This has been in the background lot of chatter about nationalization for a long time -- -- is the chairman of the senate back.
-- -- He's got -- -- to say no he doesn't have every right to -- a market -- event like that unless you're serious and here's what we're talking about -- people -- when we talk about -- you're talking about a wholesale government take -- -- I think people don't understand this country what we mean by nationalization when they say the FDIC taking -- -- -- that's temporary Ben Bernanke remarked upon it earlier this week he was saying that if undesirable.
Because what happens this event loses its franchise -- value because why because the government is calling the shots behind the scene and that the -- in the government can change the rules on customers and no -- wants to -- do any business with that -- that's -- Ben Bernanke was referring to earlier in the week.
So unless you're serious about you should be out there in the -- making market moving statements like this unless there is a program in place Citibank saying no we're not talking about -- -- so is Bank of America Ken Lewis coming down has seen yesterday Thursday in a meeting Ken Lewis bank America saying.
-- bank -- national basis not on the table.
A -- for what Chris Dodd said today.
Prior to that bank stocks have been heading south.
Now they were heading south -- because people thought that nationalization was a possibility at all because that financial position was eroding dramatically.
Both and you know what are we talking about to -- enough.
When we -- about nationalization or structuring we're not talking about a regular -- -- in the thrift is in the early ninety's or retail company these are highly complicated banks that -- trading platforms that have structured finance obligations that have derivatives to -- so.
We're talking about two banks that are dragging down the Dow and when you talk about nationalization you gotta talk about.
Who would be a place to run it so.
-- this isn't really -- -- -- can't be glib and at a press conference thrown tossing up a line that nationalization is on the table lets you really mean that we got Liz MacDonald thanks very much indeed.
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