Bank nationalisation gains ground with Republicans

[wkmac]

Long regarded in the US as a folly of Europeans, nationalisation is gaining rapid acceptance among Washington opinion-formers – and not just with Alan Greenspan, former Federal Reserve chairman. Perhaps stranger still, many of those talking about nationalising banks are Republicans.
Lindsey Graham, the Republican senator for South Carolina, says that many of his colleagues, including John McCain, the defeated presidential candidate, agree with his view that nationalisation of some banks should be “on the table”.

Barack Obama, the president, who has tried to avoid panicking lawmakers and markets by entertaining the idea, has moved more towards what he calls the “Swedish model” – an approach backed strongly by Mr Graham. In the early 1990s Sweden nationalised its banking sector then auctioned banks having cleaned up balance sheets. “In limited circumstances the Swedish model makes sense for the US,” says Mr Graham.

http://www.ft.com/cms/s/0/2ad3b750-fd27-11dd-a103-000077b07658.html?nclick_check=1

I found this story over at Drudge under the headline, "Obama Moves Towards Swedish Model for Banks." Now the headline is true as the article clearly points out but to be honest I still find the headline a bit misleading. The headline might have been better served toward accurracy with this:

President Obama Following Republican Lead to Bank Nationalization Using The Swedish Model

It also would reaffirm Obama's pledge to bi-partisan gov't as he is clearly moving towards a republican plan of bank nationalization. I wonder if this doesn't work either, if President Obama will get the blame or will they look to Lindsey Graham and John McCain to do that?

"Fascism was really the basis for the New Deal. It was Mussolini's success in Italy, with his government-directed economy, that led the early New Dealers to say 'But Mussolini keeps the trains running on time.'"

I wonder what the man who said the above would think of you republicans now? Oh who said that? Just some guy by the name of Ronald Reagan!