Hey weird headline in the Post today! It reminds me of last August when Banco de Venezuela was nationalized. Of course, the difference then was that Venezuela actually purchased a functional, profitable bank that was already for sale. In our case, the US has "forcibly" taken over nine banks to distribute their crappy debt to the rest of us.
Anywho, we thought it would be fun to look at how the Venezuelan deal was covered at the time. What a difference two months makes!
- The Wall Street Journal worried the purchase might "snowball into a systemic bank run that puts the economy and political system in play."
- Seeking Alpha warned of "one of the worst and riskiest" moves in modern Venezuelan history, with the potential to "endanger" the entire economy.
- The New York Times called it Chavez' "latest effort to intensify state control over the economy through takeovers of private companies."
- Oxford Analytica warned of damage to "the prospects for foreign investment in Venezuela."
- Reuters said the purchase "further[ed] his plans of building a socialist state."
Now that it's us doing it, the Washington Post says the deal is just, you know, part of "a coordinated program of injecting cash into the world's banks and guaranteeing their debt," and then whathisname, Bush, said it was "not intended to take over the free market, but to preserve it," so there you go.