Temporary Nationalization says Greenspan

Allan Greenspan's admission that temporary Nationalization might be a way to fix the current crisis is in a way conceding that laissez faire was not the right approach to keep a healthy banking system. Greenspan was a strong advocate of the hand-off approach as he believed the corporations always acted in best interest of the shareholders and in a perfect market there is no place of wrongdoing without being monitored by interested parties.

It's quite frustrating that Obama government refuse to admit this, even after many respected economists like Krugman was a strongly advocating the same. Relating temporary nationalization to Socialism is silly and makes no economic sense. It seems Obama is trying to stay away from a 'socialist' brand by avoiding such tough decisions. His economics council probably knows what's required but protecting his political image takes the priority so far.