So. like those failed Governments of the seventies this one has now sunk to believing that it is better able to run a private company than shareholders are. Do not forget that much of the Northern Rock problem has been caused by this Government. They have allowed regulation of the sector and they have allowed the only viable proposition to buy the bank, an offer by Abbey last Summer, to be turned away without a second thought.
This is shambles and they should be thinking hard about whether Brown is in terminal decline.
Will this lead to another un on the bank? Who knows, but this Government has now presided over an economic sector that has more in common with a banana-republic than anything else. Which developed country, in recent times, has seen a run on the bank leading to queues of depositors trying to get their money back?
Only one other country has nationalised as many businesses as this one - the Soviet Union.
Wikipedia has a good history of nationalisation in the UK and you can see for yourself how disastrous the state has been at running things.
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