Time for nationalisation and urgently

Reading the media coverage this morning it is hard to escape the fact that

1.Brown and Darlings recapitalisation mark 1 failed and

2.that the nationalisation of the banking system may be the only way out of this crisis.

In this morning's Independent Steve Richard's argues that this is indeed the case

Brown and Darling know that full-scale, formalised public ownership of some banks is possible. In my view it is probable and less messy than the current situation where ministers protect banks from the consequences of their recklessness and urge them to lend from a distance.

A view help by the Times leader which says that

The Government has a profound moral duty, never mind a practical one, to avoid the risk-taking of Sir Fred Goodwin, the disgraced former chief executive of RBS. To that end it looks increasingly likely that it will have to take the logical next step of wholesale nationalisation without delay.

It will be a difficult final step to take for it implies a failure on te government's part of previous attempts but to avoid GB UK following in the steps of Iceland there is frankly little or no choice