Kevin Drum makes the case for the Geithner plan saying that there isn't yet the political will to nationalize. This seems plausible to me, but I'd really like to see a lot of prominent Congressional leaders asked about this. I've seen arguments that there is the popular will, but obviously Congress is much more integrated with our financial elite and thus much more hesitant to do this sort of thing.
In any case, as I understand it, nationalization will take an act of Congress and some heinous upfront costs. Ultimately, it's time to stop relying on our great leader for everything and have some key leaders in Congress start to lay the groundwork for this and other ways to productively channel legitimate populist anger.
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