"I think we will be able to avoid that," White House Chief of Staff Rahm Emanuel said on ABC's "This Week with George Stephanopoulos." He added that bank nationalization was "not the goal" of the administration.These are some tough economic times right now. A lot of businesses are struggling, but I certainly hate for America's important industries being taken over by the government. I'm not sure if that's good for the long term.
Emanuel, however, cautioned he had not seen the results of "stress tests" on 19 lenders whose balance sheets are being scrutinized by regulators. They include Citigroup Inc., Wells Fargo & Co.and Bank of America.
The findings will be used to determine who may need more government capital.
One could even argue this is already happened with the auto industry with GM having their CEO "fired" by the government after recieving bailout dollars. I already said I didn't sympathize, but things are tough right now. Government does have a role, but then what role should that be?