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the state ended up owning a lot of bank equity.

That's the missing bit in Paulson's plan - therefore there's no guarantee it will "work very well" this time around.

For everyone else: read starvid's excellent LQD: Learning from the Swedish banking crisis (March 18th, 2008)

A vivid image of what should exist acts as a surrogate for reality. Pursuit of the image then prevents pursuit of the reality -- John K. Galbraith

by Migeru (migeru at eurotrib dot com) on Sun Sep 21st, 2008 at 09:08:00 AM EST
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