Fait Accompli
I just saw this on Talking Points Memo. Greenspan is backing the bank nationalization, restructuring, receivership, recapitalization or whatever euphemism is appropriate. Here is the Financial Times article. In about ten days the market has gone from denying that government receivership is necessary, to acceptance of the idea, to expecting it. I have accepted it, too, if it can get the economy started. At minimum it will help the financial services industry by moving all the dead assets.