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How fabulous that George Bush, whose every political instinct stems from annihilating socialism, should give approval to the biggest nationalisation programme since the Second World War.

By propping up the USA's two biggest mortgage firms, more than half of American homes are now effectively owned by the state.

Who'd have imagined that when the most right-wing of neo-cons leaves office, 50 per cent of the Land of The Free will effectively be a council estate?