OBAMA MOVES TOWARD ‘SWEDISH MODEL’ FOR BANKS

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Bank nationalisation gains ground with Republicans

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”.

Like Sweden, my government will be telling me my house can be one of four colors…and they will tell me what color I want. Followed by a 70% tax rate, but we’ll all be on holiday at the same time twice a year and health care from cradle to grave.

The shift has begun.