Labour's past talks to its future

From a 1945 Labour election pamphlet targeting Liberal voters:

"When the slump comes you Liberals will have either to abandon your reforms and ‘economise’ or else go forward to crush the financial sabotage, i.e. become Socialist. Why not do it now? Why not forestall the hour of peril when a reforming government is faced with an ‘economy ramp’ worked up by the millionaires?’ If your nerve fails then, and very regretfully you join with the Tories to "keep the country solvent," you will be swept away by the flood of political reaction and unreason. You will provide the "all-party" cloak to cover the ugly deformity of a Tory majority. That is what happened before, so you have been warned!"

O hai, Lord Mandelson, speaking on this morning's Today Programme. Plz can 2 hav nationalisation of commanding heights of industry as only feasible way of saving Labour Party from complete obliteration? Kthxbai!