There has been a lot of talk recently about the "Nationalization" of Big Banks. As a capitalist, I find government to be often wasteful, slow and lacking clear incentives to act efficiently. However, as a pragmatist, I have to realize that in some extraordinary cases government intervention is in the best interest everyone (creates the greatest amount of utility in economic terms).
In the 1980's the RTC did a shitload of nationalization of failed S&L's. It worked out as best it could given the circumstances in the view of many. So before you freak out about nationalization being the end of the financial industry, keep in mind that it has been used successfully before and we have rebounded strongly over time.
Also, as taxpayers, we kind of already own most of Citi, AIG, and the other financial behemoths.
And 100% of Fannie and Freddie.
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