"...if banks are failing so badly and need so much intervention, what is the point of keeping them in the private sector?
There’s one thing government can do much better than the private sector, especially in recession - raise finance cheaply. This means nationalized banks, operating with government guarantees, could raise money cheaper in wholesale markets. And it means governments find it cheaper than the private sector to inject capital (shareholders funds) into banks."
"At present in UK banking the conflict between the development of the economy and a fetish of safeguarding private ownership is not a long term or tangential one. It is an immediate issue of economic recovery."
So the longest suicide note in history comes into its own as a measure seen as technically necessary by practical types...