Wednesday, March 4, 2009

Zombie banks, zombie cars

When the AFL-CIO gets behind nationalizing banks, you know it's past due.

Some crazy radicals have even suggested a similar strategy for the auto industry. I mean, where's that "value" for our public bucks otherwise?

But critics of nationalization have a point that 'there are no guarantees.' And Fmr-Transport Sec. Barnum's off-base: we don't need "slimmed down" corporations, just the reverse. We need an expanded, social vision for them.

It's the original idea behind corporate charters, updated. The king/parliament, then Congress, used to grant charters to corporations in order to serve a particular function, assumed to be a good (for them). What we need is control over that purpose. Social Monetary Fund, folks, I'm tellin' ya!

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