[mynameishere]

Maxine Waters:

When we buy up this toxic paper, we're in charge. We can do the kind of loan modifications we've been urging [the industry coalition]...

Here's a clip of Maxine:

http://www.youtube.com/watch?v=KN6s1KVFBNg

...she is making a threat to nationalize the oil industry, but flubs the word. The reporters basically laugh at her, and compare her to Hugo Chavez. Guess what? The imbecile wasn't that far off...

We have no real conception of how screwed we are, but we know one thing: The credit market is now fully subject to political constraints. To what degree is hard to say. But congress has already been forcing banks to give loans to unqualified people (a big part of the original problem) and so the same practice will likely continue. Except, banks know full well that every bad loan can be sold to the taxpayer at full price.

An unbelievable coup.

[alecco]

You seem to imply two false points. Chavez was elected democratically, twice. And Venezuela's oil was not nationalized.

I don't like the paternalistic and interventionist style he has but he isn't Fidel Castro. In many ways, he is quite a capitalist.

[rbanffy]

To put it shortly, Castro is a Communist and Chavez is an opportunistic populist proto-dictator.

Anyway, Venezuela is screwed.

[mynameishere]

"You"

Rather, the reporters did. And Waters was also elected democratically. And that's not the point; the point is the media's reaction to nationalization then and now.

[alecco]

"[...] and compare her to Hugo Chavez. Guess what? The imbecile wasn't that far off..."

To me that line makes him own the journalists's remarks about Chavez.