[toomuchtodo]

Perhaps “die” is the wrong word. I prefer “nationalized and converted to financial utilities”. Shareholders? Gone! Existing management? Gone! Put adults in charge and have a relationship similar to the USPS or the Fed. Require an open platform so the APIs and underlying back office are solid but innovators can still get access to innovate (Europe mandated this via PSD2).

[piiswrong]

But nationalizing private business is the symbol of communism! How dare you say such a thing!

[manigandham]

Please give some examples where this has worked out well.

[toomuchtodo]

Everyone is a socialist during a financial crisis.

[piiswrong]

but after the crisis do you give it back to the shareholders and let them brood for the next crisis, or do you remain a socialist forever?

[toomuchtodo]

Public goods must be protected. USPS does pretty well IMHO, as a similar example. No reason to recapitalize with public shareholders if you don’t need them. The Fed doesn’t have them (their shares are unique and essentially non transferable).

[totalZero]

USPS lost $8.8 billion in fiscal year 2019.

[toomuchtodo]

Public goods don’t have to break even or generate a profit. They still deliver my mail like clockwork, and we’ll cover any pension obligations with taxes if there’s a shortfall because of Congressional action (which is why USPS loses money, due to Congress having unreasonable pension funding requirements specifically for USPS).

If you require a bailout, you had your chance as a for profit concern. Entirely reasonable to run services at a loss as a government entity. Some services are simply expenses.