> The point is, (1) we, the public, shouldn't be overpaying for
> any of this stuff -- not the punts insured by AIG, nor the
> mortgages themselves, and (2) without federalization/euroization,
> we land in a deflationary spiral which will make Japan 1991-1998
> look like a tea party. It's two sides of the same coin.
If by "two sides of the same coin" you mean "contradictory" -- whatever you are calling nationalization in this context means paying the absolute highest price, probably by an order of magnitude.
/jordan