Wednesday, September 17, 2008

Greenberg Terms AIG Bailout as 'Nationalization'

In light of recent news I've decided to bone up on a few key terms. Okay, mostly just one:

AIG Ex CEO-Greenberg termed the the bailout "Nationalization"...

What IS Nationalization?

"nationalisation, is the act of taking an industry or assets into the public ownership of a national government. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities. ..."

The process—now virtually extinct—by which a state takes over the ownership of a private company or industry and brings it within the CONTROL of the PUBLIC SECTOR. ...

The collective or public ownership or management of economic resources. In contrast to privatization. Canada has long relied on public (or state) ownership of economic resources. ...

The nationalization of oil occurs as countries begin to deprivatize oil production and with-hold exports. ... of oil supplies

This is the act of a national government taking public ownership of an asset. The nationalisation of Northern Rock took place in 2008, after it ...

Say it with me class... SOCIALISM. Good, now you understand that it's only a matter of time before "Wall Street" is bailed out as well and we no longer need the SEC to regulate the market. Alright, alright. I admit that hanging out here has now given me a more than pessimistic view of the world, but come on now! It's not like the idea is news right?

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