If you think it’s bad now

Just wait until both health care and the banks are nationalized:

Americans have stopped sneering at Britain for nationalising Northern Rock. After all, the Fed needs White House and Treasury approval for taking $30 billion of Bear Stearns’s liabilities on to its own balance sheet because in the end taxpayers are now on the hook. If it looks like nationalisation, and feels like nationalisation, it is nationalisation. And there is more to come.

Because it worked so very well in the pre-Thatcher, pre-Reagan past. By the way, it looks like Lehman is the prime candidate to go down next, options on its stock were removed from several European markets this morning. If you can still buy them on the Chicago options exchange, you might want to pick up a few.