by Calculated Risk on 2/20/2009 01:23:00 PM

From Bloomberg: Dodd Says Short-Term Bank Nationalization Might Be Necessary

Senate Banking Committee Chairman Christopher Dodd said it may be necessary to nationalize some banks for a short time ...

“I don’t welcome that at all, but I could see how it’s possible it may happen,” Dodd said in an interview on Bloomberg Television’s “Political Capital with Al Hunt” to be broadcast later today. “I’m concerned that we may end up having to do that, at least for a short time.”

More cliff diving for the big banks.

Also, the S&P 500 is flirting with the closing low from last November 20th of 752.44. The last time the S&P 500 index was lower was in early 1997 - about 12 years ago - this doesn't include divdends, but that is a lost decade for U.S. investors.