Nationalizing the banks - that horse has left the barn!

As we all wait anxiously for the "official" results of Treasury's Stress Tests of banks (!) - ponder this from Simon Johnson and James Kwak. It may take a few minutes, to read but they aregue (based on the actual evidence to date) that we are in effect slowly nationalizing banks without using the word, but on the banks' terms, not terms that benefit the U.S. taxpayer or economy in th elong run. They also prove, FWIW, that bloggers can indeed do real journalism.