Wed Nov 21st, 2007 at 07:22:05 AM EST
The government has lent more than £20 billion, or $40 billion, over the past two months to secure deposits at Northern Rock, many of which are pension savings, and to end the first run on a bank in the country since 1866. But it is coming under increasing pressure to ease the burden on taxpayers, while avoiding job losses.
"It will be really tricky," said Patrick Dunleavy, a professor for government and public policy at London School of Economics. "On the one hand you don't want to spend billions and play into the hands of private capitalism. On the other hand, you don't want to be accused by the opposition of socialist actions if you nationalize it."
Giving money to poor, sick children is socialism. Letting them pay for it is capitalism. Giving money to banks is capitalism. Letting them pay for it is... socialism?
And anyway, isn't Labour supposed to a socialist party?