It is a bit odd to watch Barack Obama, who aspires to finally end the era of Reaganomics, spend his early weeks in the White House swatting away calls for nationalization from decidedly Republican quarters. Lindsey Graham, a Republican senator from South Carolina, recently said that, given the depth of the credit crisis, he wouldn’t rule out nationalizing banks. Alan Greenspan went further a few days later. “I understand that once in a hundred years this is what you do,” Greenspan, an Ayn Rand disciple before he was a central banker, told The Financial Times.
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