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I've reluctantly come to the conclusion that we ought to nationalize our failing banks. Interestingly, my support for this position comes from looking at Sweden's experience during its banking crisis in 1992.

The Swedish government wound up spending about 4% of its GDP on their banks. But here's the secret. The government owned the banks and made a killing. In fact, the nationalization may really have been self-financing.

I mention Sweden because the country isn't socialist by reflex. It looks like the government is perfectly willing to let Saab go down the drain.

Posted by edelfenbein at March 23, 2009 8:06 AM