Why nationalize?

Hugo Chavez has it all wrong......

Venezuelan President Hugo Chavez said on Sunday he could nationalize private banks unless they comply with the law, adding he had "no problem with that because the banks don't want to extend credit to the poor."

In a broadcast from nationalized farmland in central Venezuela, he said: "To all the country's private bankers ... (I'm saying) he who slips up loses; I'll take over the bank, whatever its size."

"You want me to nationalize the banks?" he said during the broadcast of his weekly TV show "Alo Presidente."

"I have no problem with that because the banks don't want to extend credit to the poor, they don't comply, they don't want to comply with the bank's purpose for existence, and that is the law."

Chavez said the purpose of banks was not to enrich a small group of people but "should be to collect funds and savings to help aid the country's development by making loans, extending credits for housing."

In power for a decade, Chavez has nationalized broad swathes of the economy.

Hugo buddy take a tip from the world's biggest socialist. You don't nationalize the banks. What you do is set up a huge fund of TARP money force banks to take the money even if they don't need it, then tell them what they can do with their businesses once they have it.

It's all the fun without any of the responsibility.

Thanks reader Jeremy for the link....