Well, it’s beyond Marx’s and Lenin’s wildest fantasies. Many of the West’s biggest banks have fallen into the clutches of states, ostensibly through the results of their own actions, but in fact because of probably very careful planning and subterfuge. This would have been over a very long period while we all slept, by lefties who forsaw it and brought it about.
If you “regulate” the sort of activities that banks do, then they will inevitably try to find products and ways round, so as to carry on being successful despite you, not because of you. Furthermore, if you do what lefty slobs did under the Clinton administration, and threaten/force/bribe banks to lend money to NINJAS, to buy democrat stalinist votes from said people, then the banks will respond by “securitising” these mortgages and selling them on in parcels with an attractive yield attached.
What should have happened is that the worst-exposed ones should have been allowed to fail, and the better pieces picked up by smaller, harder outfits better able to resist further State blandishments in future. Instead, what will now happen is that we shall get more of the same.
Other states will now see also that “the thing can be done” and their banks will come in for strangling too. Worse, Gordon Brown will get to look decisive and popular again. What price he tries to ram through things like “42 days detention” again?