I think it's amazing to read this in the FT:
The US government on Sunday seized control of the troubled Fannie Mae and Freddie Mac mortgage groups in what could become the world's biggest financial bail-out.
Staggering isn't it?
Staggering too that the US government is bailing out the bondholders entirely and the equity holders not at all, as Martin Wolf has also noted.
Does this mean that we're going to see the end of equity as the ownership risk or companies is now seen to rest entirely with governments?
Who in that case should have entitlement to the profits?
And what does that mean for corporation tax?