The real danger of this nationalisation is that all the other banks will now claim that they cannot finance mortgages without equally unlimited acess to treasury/tax-payer cash.
What happens when they say to home-buyers "sorry, we can't lend you any cash for your new home coz the government won't open its coffers to us."
Brown, Darling and the Economy have been teetering on the brink for the past year, now it's downhill all the way into financial meltdown. You thought the seventies and eighties were bad, we are all going to see the inevitable result of Labour financial policies, fasten your seat belts it's going to be a bumpy ride.
But what will make this even more galling than last time is that you were all warned what would happen but you blindly and blithely went ahead and voted the lunatics into control of the asylum. It make take a while but chickens do eventually all come home to roost.
HAPPY RECESSION !