Barry Ritholtz says the banking system may need to be nationalized to save it. It would clear the decks and could help depositors. I disagree. Depositors are insured and the banks could also be converted to mutual banks owned by depositors. It would be a modified form of receivership. Nationalizing the big banks introduces politics and the gov't picking winners and losers. Why should Citigroup or Bank of America get rewarded for mismanagement when the local thrift that prudently managed its business does not get help?
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