Alistair Darling is promising to spend billions to prop up banks and in return the state will part-own them. Great. Even the Attlee government did not go quite that far. Almost but not quite. Incidentally, where is Mr Darling going to get those billions? There will be no Marshall aid coming from America.
David Cameron, leader of the party that used to be known as Conservative, is supporting the move. Hands up anyone who is surprised by this "stunning U-turn" as the Sun puts it.
In another part of the woods the Guardian reports that there are plans to create a new economic council to tackle the existing rather large problems. I expect the Conservatives will support that, too. Anyone here recall the disastrous Wilson - Callaghan administrations? Or, going further back, the catastrophic consensus known as Butskellism?