Dodd Pours Gasoline On The Nationalization Fire

It’s hard to know who to believe when it comes to nationalization. The banking industry has been on a crusade for the past several days trying to beat back the talk and today Senator Chris Dodd cuts them off at the knees.

Appearing on a Bloomberg Television program to be broadcast later today, Dodd said that some banks may have to be nationalized for a “short time.”

“I don’t welcome that at all, but I could see how it’s possible it may happen,” Dodd said on Bloomberg Television’s “Political Capital with Al Hunt” to be broadcast later today. “I’m concerned that we may end up having to do that, at least for a short time.”

Bloomberg is also reporting that the Treasury Department will release details on its banking plan next week. Of course, we’ve heard that before, haven’t we.

Dodd also offers his opinions on executive pay caps and the Detroit bailout on the program.

He comes out against bankruptcy for the auto makers asserting that it would result in their liquidation. Responding to reports that employees subject to pay caps might opt to look elsewhere for jobs, he had this to say:

“I’m sort of stunned in a way that some people are reacting the way they are about all of this,” Dodd said. “At a time like this, everyone needs to pull in the same direction.”

When politicians start talking about patriotism, pulling together and taking one for the team I’ve got one word of advice for you. Duck!

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