Sometimes I think governments should own banks and public transport companies
By scheng1
@scheng1 (24649)
Singapore
August 9, 2016 9:10am CST
Sometimes I think governments should own banks and public transport companies.
That will prevent the CEOs of the banks from making big money when the banks nearly cause the economy to sink.
I think it is a mistake to privatize nearly everything years ago.
By now, we have seen the bad effects of letting the bankers get too greedy.
Public transportation is another area that the government has to take over the control, else the traffic problem will never get resolved, and it will get worse and worse.
Even if governments do not take full control, they must have major share to the point that they can influence the policies and salary package of the top management.
5 people like this
7 responses
@marguicha (230365)
• Chile
9 Aug 16
There should be some areas where not all is privatized.
3 people like this
@succeednow (1632)
• Singapore
9 Aug 16
@scheng1 I think you're right about getting the government to own banks and transport companies provided you have a clean and capable government else it'll not work and may even be worse.
2 people like this
@scheng1 (24649)
• Singapore
13 Aug 16
In China, the post office saving bank is a good government bank.
Too bad the government wants to list it in the stock market.
Once the government does that, the saving bank will no longer become just a simple bank.
It will become a bank that will sell products to customers to make profits.
1 person likes this
@blitzfrick (2890)
• United States
10 Aug 16
If I recall correctly, Fannie Mae—a government entity—also had a hand in the economic collapse here in the USA. I wonder who profited from that.... I was outraged when all that stuff happened and only one financial institution was punished by letting it go under. And those bailouts! Argh! Don't get me started. One group of financiers took the bailout money and went to some lovely island and had a huge party. Grrrrr.
1 person likes this
@scheng1 (24649)
• Singapore
13 Aug 16
Over here, years ago, Post Office Saving Bank was a government bank.
It was just a simple bank that we could trust with our money.
It did not sell us insurance or investment products that aimed to make money for the bankers only.
We could save, earn interest on the saving, and then took up loan for housing.
Later on, the government sold it away to commercial bank.
1 person likes this
@ilocosboy (45155)
• Philippines
9 Aug 16
Well, we are in the Philippines, and the government is not good in doing business.
1 person likes this
@louievill (28846)
• Philippines
9 Aug 16
They can't even handle the issuance of new license plates that they already charged last year 
Politicians would empty the banks and before we know it we would be defaulting on debts like some EU countries
Politicians would empty the banks and before we know it we would be defaulting on debts like some EU countries1 person likes this
@scheng1 (24649)
• Singapore
10 Aug 16
@louievill This just shows the corruption in the country.
I think if you get rid of corruption, and the public service starts to pay very well, and attract all the good people, your country will be a very successful country.
1 person likes this
@louievill (28846)
• Philippines
10 Aug 16
@scheng1 the Philippines is a rich country, I just hope good governance and change is on the way with this new administration
2 people like this
@louievill (28846)
• Philippines
9 Aug 16
You give that responsibility to our government and all the money would be gone. Transport system would all end up dilapidated, it just won't work here but perhaps in other countries
1 person likes this
