Paul Krugman: the U.S. Will Have to “Seize” Big Banks

Monday, October 12, 2009

Nobel laureate economist Paul Krugman said the U.S. will eventually have to “seize” big banks as the economic and financial crisis deepens.

“In the end, we’ll come to it,” Krugman said in an interview with Bloomberg Television today, referring to nationalizing banks. “You guarantee the liabilities of everybody but seize the big ones.”

He also said the U.S. economy won’t stabilize until “late in the year.” Paul Krugman joins Stiglitz, another Nobel laureate to express his concerns over this bank plan.

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