John McDonnell is not a popular man in Westminster. He's the leader of labour's awkward squad: the Campaign Group. But I admit I like John, and have been happy to work with him. This is the programme he's put out in response to the credit crisis:
1) Nationalise the banks and establish democratic control over banking decisions, ensuring democratic representation on boards, ending the bonus binges, controlling executive pay and share holder rewards;
2) Cut interest rates significantly and immediately, restoring democratic control over key economic decision making by not only widening the remit of the Bank of England beyond ensuring price stability to advising on the wider economic health of the country but also reverting the bank's role to being one voice amongst many others to be taken into account;
3) Secure people a home by converting repossessions to social rentals so that people have a 'right to stay' in their homes and embarking on a massive council house-building programme;
4) Enhance security in employment by ensuring people have a say over the future of the companies by strengthening rights and representation at work;
5) Bring fuel bills under control with price controls on the consumer price of gas and electricity, so that people are not being forced to choose between heating and eating this winter, with the threat of nationalisation if needed.
It's hard to argue: it's what we need. So long as we deal with offshore too. But I've told him that.