Treasury Secretary Timothy Geithner said Wednesday that he wants to avoid nationalizing banks if possible. "We'd like to do our best to preserve that system," Mr. Geithner said. But given the weakened state of the banking industry, with bank share prices low and their capital needs high, economists say the government probably can't avoid owning at least some banks for a temporary period.
Mish's Translation:
"Geithner is doing his best to wreck what little semblance of capitalism we have left. Geithner is the worst of Obama's picks."
