|Posted on March 8, 2009 at 9:27 AM|
Subject: The continuing failure of our American banks.
Recently: The word "nationalize" has now been uttered.
Take: Poetic justice is served here.
I enjoyed reading Joe Nocera's article, "Chorus grows: Nationalize the banks," in the Feb. 14th International Herald Tribune, http://www.iht.com/articles/2009/02/13/business/wbjoe14.php. This issue included a further article, visiting not only Nocera's 'Kitchen Cabinet' of economic experts, but even more great experts, "U.S. Treasury may need bolder approach on banks" in the Paris edition, also here: http://www.iht.com/articles/2009/02/13/business/13insolvent.php . What these articles suggest is that a plan modeled on aspects of nationalization, combined with the selling-off of bank portions in a fashion similar to that done during the savings and loan bail-out of the 1980's, could and would result in the sort of effective cost-saving action that should be contemplated and put into place now. And yet, according to Nocera, Timothy Geitner, the new U.S. Treasury secretary, is "avoiding the most straightforward, obvious path out of the crisis." (IHT, Feb. 14, 2009).
I have a solution: Make it easy to understand, and make it quippy. As an American attorney with multiple degrees in law and literature, too much snow on the roof, and too little incentive to shovel it off, I have created something with the smack of modern vivacity, originality and, let's admit it, rhythm, which is just the thing to get us going, climbing out of the hole that over-confident consumerism, greed and sheer financial debauchery have gotten some people into. It would not be the first time that a quippy phrase – or two – saved the day, or the company. After all, Things go better with . . . banks. And banks . . . gotta lot to give. So, let's pour it on. Additionally, one has to admit that nationalizing banks is not as difficult as nationalizing oil, both of which would improve the average American's life tremendously, and both of which have been done, to one degree or another, in many advanced quality-of-life civilizations now admired around the world (er...including Norway).
I have reviewed the outlines of the suggested resolutions made by the esteemed experts noted in these aforementioned articles, and have arrived at two poetic solutions. Each provides its own rationale, logical order and internal rhyming perfection, in addition to including the important use of numbers:
This particular poem, Part One, covers the bases: Get rid of the losers, crop the bad debts out of those questionable in-betweeners, and prop up banks with government ownership that can be re-sold to the private sector at a later date – like, year – when and if they promise to behave themselves and run a better show. My second poem has similar strengths, so one can select it, purely on the basis of enjoying the roundness of its tones, as opposed to the clipped personality of Part One.
This poem, Part Two, also covers the bases: Tell these idiot banks what you are going to do, (ie: then do it), swell the revenue available for good loans under new rules, and then sell off the banks you've been majority-owning and managing, again, when and if they promise to behave themselves and run a better show. That show should include banking rules preventing shenanigans of this sort in the future. After all, a real tree is a much better real tree than the promise of a real tree. I can see those trees of banks bearing voluminous and beautiful fat fruit already.
Ahh, it's nice to have things solved, isn't it? Timothy? It's just all those details that can become so complicated. But then that is what we look towards our financial and economic wizards, and our Treasury, Fed, and SEC, to do with their time and talents. One would think they would rather shovel snow off their roofs.