Again, not being an economist, can we have a ruling please? Are the banks being nationalised? Or not? And if so, is it being done properly? Or, (citing Heffer's Law) will this not even have the upside of properly annoying the Tories?
And (with all due respect to some of my favourite bloggers who are commenting on all of this), isn't this one of those moments when everyone who isn't absolutely compelled to write something (professional commentators who don't have a bit of holiday that they can conveniently use up) should keep quiet? I suspect that many people will have a load of stuff in their recent archives that they will wish that they hadn't written within a few weeks.
Me? I-know-a-nothing. But something tells me it's a great deal worse than the worst prediction. Seeing as I've spent years primitively marvelling at the gravity-defying powers of advanced capitalism, always wondering how people can have so much money without doing very much of value themselves, I'm beginning to wonder if a failure to grasp why highly leveraged debt can work is the new version of the bloke who was sure that the Emperor was in the buff?