Bank Nationalisation in USA
When Madam Gandhi (the older version of course) nationalised 14 private banks in India exactly forty years ago, there were loud protests, but now one of our eminent columnists had written that one reason for India missing the economic catastrophe was nationalisation.
Now there is talk of nationalisation of banks in the great US of A White House Chief of Staff Rahm Emanuel said that bank nationalization was "not the goal" of the administration and he hoped they would be able to avoid it.
The Obama Administration hopes it can avoid nationalizing the banks that are under scrutiny to see how well they would fare if the recession is worse than expected. Big banks like Citigroup and Bank of America look small and frightened.