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Business

Former FED boss calls for nationalisation

Latest update : 2009-02-18

Former Federal Reserve chairman Alan Greenspan declared in an interview with the Financial Times that he would approve a temporary nationalisation of certain US banks in order to restructure them.

AFP - The US government may have to temporarily nationalize the country's banks until the sector is reformed, the former chairman of the US Federal Reserve, Alan Greenspan, has said.
  
In an interview with the Financial Times published on the paper's website on Tuesday, Greeenspan said "it may be necessary to temporarily nationalize some banks in order to facilitate a swift and orderly restructuring."  
  
Long one of the world's most powerful proponents of hands-off financial regulation, Greenspan indicated nationalization may now be necessary.
  
"I understand that once in a hundred years this is what you do," he said.
  
Widely hailed while in office, Greenspan has seen his legacy tarnished since he stepped down in 2006, as critics accuse him of failing to head off the current economic malaise.
  
"In some cases, the least bad solution is for the government to take temporary control," he said.

Date created : 2009-02-18

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