What Does it Mean to Nationalize the Banks?
There’s a lot of talk about nationalizing the banks. What does it mean to nationalize the banks?
It depends what you mean by nationalize.
The general idea is that the government takes control and ownership of an entity. Private owners or shareholders in the business risk losing all of their investment. Sometimes countries nationalize an entire industry by surprise, wiping out all investor interests. Sometimes they do so as a form of ‘rescue’.
This actually happens all the time in the USA. Every bank failure is a case of bank nationalization. The FDIC steps in, takes control, and sells the bank to another bank over the weekend. So far in 2009 it’s happened 14 times.
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