For Those of you Keeping Score at Home

I think my friend Chris believes I am suspiciously hostile to state socialism. I deny it; I was soft on the idea of nationalizing Bear Stearns way back last spring. The government would probably screw it up, but in the current market, that is hardly an argument. I did recall that Mussolini nationalized some chunks of Italian industry in the 20s, and that the government still owns them. Chris responds:

I suppose holding the companies in public hands for 70+ years might be worse than keeping them paying 'em $300B every quarter or so, 80% of which is passed through to shareholders (who hold for no other reason) or vaporizes as bonuses . . .

Hey, I smell learned academic paper here! Compare: (a) damage done by bankers in the last 18 months against (b) 70 years of corrupt, inefficient, mob-ridden, often fascistic public management. The envelope, please! Boy, I'm on the edge of my chair...