"No longer is state ownership the unpalatable solution for wayward individuals like Northern Rock and Bradford & Bingley, but a logical fix for the whole industry."
So says Philip Aldrick in the Sunday Telegraph.
If even the Telegraph start saying things like this, why are the Labour government still running so scared from the prospect? Why not bite the bullet and nationalise, even if only for the medium-term? This level of control would allow the government greater tools to support the rest of the economy, and once stabilised, you could even privatise the banks again, should you want to.
Instead we have a bailout which is already beginning to look like it may not be enough, and could turn into a death by a thousand cuts, as the government slowly takes a bigger and bigger slice of each institution, all while the lack of confidence in the banks causes chaos in the real economy. Let's just nationalise them, and give ourselves a firm foundation to fight the rest of this crisis from.
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