Washington Suggests Nationalizing Banks

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CBNNews.com - Washington is discussing one option for helping the financial system: nationalizing at least some major banks.

"I would not take off the idea of nationalizing the banks," Sen. Lindsay Graham, R-S.C., said Sunday on ABC's "This Week" program. "We're going to have to do something that no one ever envisioned a year ago."

"The fact that Lindsay Graham, a conservative Republican, says that nationalization should be on the table, I think underscores the sense of crisis," analyst Stuart Rothenberg said. "And that could give the president a good deal of political capital and leeway."

Not everyone agrees with the idea. Conservative economists says it's best to let the free market work out the current problems.

Even President Obama seems to prefer keeping banks private.

"We want to retain a strong sense of private capital fulfilling the core investment needs of this country," Obama said.

But some analysts believe a government takeover of banks may be inevitable, even if it's not called nationalization.

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