Momentous Monday
Welcome to . You, the taxpayer, are now the proud majority owner of Royal Bank of Scotland (one of the largest banks in the world) and the biggest shareholders in HBOS and Lloyds TSB, two famous high street names who are still trying to become one. The cost of taking these stakes is around £40 billion and more will probably be spent on recapitalising other banks in the days to come.
The EU and the US are now following in Gordon Brown's wake, with both preparing to take stakes in various banks and guarantee inter-bank lending.
What happened in London early this morning is the most dramatic increase in state control since the Attlee government nationalised the so-called "commanding heights" of the economy after World War 2. It brings to an end London's role as a giant swashbuckling branch of Wall Street. And it means a new austerity replacing the recent politics of plenty. The times really are achanging.
Columnists who were recently queuing up to demand Gordon Brown's head are now acclaiming the PM as the new saviour of the world, making themselves look ridiculous in the process. It is not just bankers whose reputations have been destroyed by the financial crisis; some of the commentariat have seen their reputations for accuracy and judgement trashed as well.
The PM should enjoy his days in the sun. When the recession starts to bite and it turns out, contrary to his claims, that Britain is NOT best placed to weather the current crisis, the fickle commentators (and the voters) will be back for their pound of flesh.
We'll bring you the latest on the developing financial drama and look at what it means when taxpayers own the banks.
Also on the show today, TV historian Simon Schama. 
He will be here casting his eye over today's developments, and giving us his take on Britain's 'special relationship' with the USA. And as talk turns to recession, the TV financial guru Alvin Hall will offer us his tuppence worth on how to make your money stretch further. All that in the Daily Politics at Noon on ³ÉÈË¿ìÊÖ2 today.
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