The U.S. government bailed out Chrysler all the way back in 1979. Nothing quite like it as been seen since then, but the financial sector has not been in as much trouble for decades as it is now.
Over the weekend, the U.K. government decided to take ownership of troubled mortgage company Northern Rock. The financial firm will eventually be sold or taken public again, but the government acted to save it short-term because it was in the public interest for the company not to fail.
The move may be a template for the US government as its struggles with possible collapses at bond insurers and mortgage lenders. It may even be a way for common shareholders to keep some of their equity.
