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That's sweeping enough to be ideological, Frank. Management of public service-type activities (telecoms, anyone? Rail?) by private interests can be arguably worse than anything state-owned services ever did. And, in this case, the banks are collapsing because private interests on the marketplace have utterly failed.

The point of my question was precisely to say, however, that nationalisation is not a panacea. We should be talking about what it should set out to do, what are the right policies, what rules should be followed, what best management practice should be adopted.

Taking pot-shots at the guarantor of final resort, when private interests have shown massive irresponsibility seriously threatening ordinary people's livelihood, is kinda misplaced, imo.

by afew (afew(a in a circle)eurotrib_dot_com) on Thu Jan 22nd, 2009 at 03:49:30 AM EST
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