Greenspan: Nationalize The Banks:
"Alan Greenspan has jumped on the bandwagon.
(Okay, Greenspan doesn't have the power to implement this solution, but he used to).
Importantly, Greenspan also suggested that bondholders should take a hit--which they should. In typical Greenspan fashion, he didn't say this directly. He said we need to protect 'senior' bondholders. Which means we can go ahead and hose the junior ones."