[lbo-talk] Bair: Nationalize the Banks

[dredmond at efn.org]

At last some good news: it looks like nationalization is slowly,
painfully, finally going to happen. Those TARP funds are going to be
converted into common stock, a.k.a. ownership, and creditors will take the
hit:

"Bair Seeks Power to Shut ‘Systemically’ Key Companies"
http://www.bloomberg.com/apps/news?pid=20601087&sid=aeH.c5sqMplw&refer=home

This doesn't mean prosperity is around the corner, but should prevent a
total economic collapse. I know certain Lefties (who almost always live
comfortably industrialized First World lives) are fond of imagining the
radical possibilities of total collapse, but (1) a Depression is in
noone's interest, and (2) neoliberalism really is dead. We're entering a
multipolar world, with lots of new possibilities and potential.

-- DRR