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I thought the deal with nationalization was that it was the cure for zombification- once you nationalize, the investors are wiped out, the board is replaced, and the bad debt is separated from the good to make the bank solvent. Then the bank is once again sold off to investors. This is the strong medicine.
Japan did not nationalize, and had zombie banks. Sweden did nationalize, and avoided zombie banks.
Nationalization is hard politically, but what we have been doing is half measures that prop up zombies.
on the zombie government. Then do one on the zombie taxpayer. We're all dead here, we just don't know it yet. Go Zobama!
I have to admit, the last couple of weeks didn't do it for me, but this one rocks.
The ironic thing about all of the Zombie bank pieces is the creators think they are running with some new metaphor. The term zombie bank was coined a quarter century ago by an economist named Edward Kane, then with Ohio State, who explicitly drew on the Living Dead films to illustrate his point. His humor is actually funnier than this, though a lot drier. That said, I give Ruben some points for using the EC font.
... of illustrating the horror of our present economic situation.
calling George Romero...
