WORD OF THE DAY - "NATIONALIZATION"

Yup, the wingnuts adoration of the Free Market Fairy has led us not to freer markets but to massive socialization. Here's the evidence:

Oct. 13 (Bloomberg) --

France, Germany, Spain and Austria committed 1.1 trillion euros ($1.5 trillion) to guarantee bank loans and take stakes in lenders, racing to prevent the collapse of the financial system.

The announcements came as Britain took majority stakes today in Royal Bank of Scotland Plc and HBOS Plc.

Royal Bank of Scotland, HBOS, and Lloyds TSB Group Plc will get an unprecedented 37 billion-pound ($64 billion) bailout from the U.K. government, equal to 2.5 percent of the economy.

Oct. 14 (Bloomberg) --

U.S. Treasury Said to Invest $125 Billion in Major U.S. Banks

By Robert Schmidt and Peter Cook

The Bush administration will invest about $125 billion in nine of the biggest U.S. banks, including Citigroup Inc. and Goldman Sachs Group Inc., in the government's latest attempt to shore up confidence in the financial system.

The proposed cash injections in exchange for preferred shares are part of a $700 billion rescue approved by Congress and follow similar moves by European leaders to unfreeze credit markets by helping beleaguered banks. The other companies are Wells Fargo & Co., JPMorgan Chase & Co., Bank of America Corp., Merrill Lynch & Co., Morgan Stanley, State Street Corp. and Bank of New York Mellon Corp., said people briefed on the plan.

Another $125 billion will be used to recapitalize other financial institutions around the country, the people said.