John Quiggin on Crooked Timber puts forward the idea that a barrier to the nationalisation of more of the US banking system is language. Politicians and commentators - and a substantial proportion of the public in the US - seem to be allergic to the word 'nationalisation'. This, perhaps, makes opposition to nationalisation stronger than it would be in most other countries.
Perhaps, therefore, if nationalisation could be sold under a different term it would be politically easier for the Obama administration to do it [assuming they want to]. The phrase 'pre-privatisation' he quotes sounds a particularly funny way of phrasing the idea of nationalising the banks and then selling them off when the economy recovers!
However, I think the problem is not one that can be solved by language. Fundamentally, the US Right will not let the Obama administration nationalise banks. He will face filibusters and other such problems if he does. Also, I doubt the administration wants to do it. They don't want to take on responsibility for such a key part of the economy and they are frightened of the implications. The Administration needs to be bolder and to grasp the nettle.
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