Friday, February 20, 2009

The new "N" word

I don't mean to denigrate anyone by this notion, so please don't take offense. I think, however, that progressives ought to treat the term "nationalization" as though it is the N word, and stop using it. Republiscums use the term to make the practice of the government stepping in to keep the banks from collapsing is some sort of Leftist Socialist/Communist tactic. The appropriate term to use is "receivership" which is a term commonly used positively by capitalists, and better represents what is inevitably going to happen anyway.

The key is that financial reorganization of failed companies -- whether it's receivership, or bankruptcy proceedings, or something else like it -- is textbook rule of law capitalism. TPM

Receivership is used to denote a situation in which an institution or enterprise is being held by a receiver. In law, a receiver is a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights."[1]

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