In a NewsMax article today this headline:
Billionaire Slim: Buy Stakes in Failing Banks
Carlos Slim is a Mexican Billionaire. In the article he is reported to say that the approach of buying and reselling assets is wrong. Rather, he says, the US government should buy the banks themselves. In essence he calls for the nationalization of much of the US banking system:
But Slim said buying those debts would be complicated, because the government would then have to manage and resell them. He said it would be better for the government to assume majority ownership of the institutions, giving them more capital for restructuring and recovery.
What else would you expect from someone who talks capitalism out of one side of his mouth but has made his fortune in the corrupt, monopoly granting country that is Mexico? Next to Nancy Pelosi, I can think of no one who’s perspective I would trust less on issues of capitalism than someone who has made their fortune from acquiring and leveraging monopolies!
What’s next? Should we start taking advice on what our Constitution means from law makers in Europe?
