I don't actually think GB had any choice but to take this course of action. The main objective was to free up access to credit without which no economy can function at even the most basic level and this has been done however what happens next is out of his hands. In theory nationalisation of banks gives the tax payer a stake in its fortune either way- its a gamble but one which is probably likely to pay off in the long term especially as the Government now has a say in how the banks are run. And why stop here- if Gordon has any sense he will seize the opportunity to grab back the energy companies at cost and install some semblance of an energy policy.

What I don't understand is how this money was so quickly produced when needed- from which budget has it come? The war chest? I don't see this being discussed anywhere at the moment.