The great pseudo-nationalization of everything is underway; that seems kind of inevitable by now. Whether the public sector succeeds in bailing out everything is another matter. Without any demand, it will prove to be a costly operation. We continue to think that it makes sense to bailout as much as possible given that this is a politically decided recession / close-down. The long-term effects of very broad bailouts though need to be considered as it could become politically tempting to interfere in right about everything in private business. “We gave you the bailout, so now we are also allowed to decide for you”. We ... (full story)