Socialism comes to the rescue on Wall Street

[AlphaCentauri]

Source: STAR-LEDGER

American capitalism was rescued last week by -- who'd have believe it? -- socialism.

Free-market fundamentalists will spin what happened as something else. "Temporary government intervention in the market" or "just another federal loan program." And there's the ever-popular "bailout," a neutral term implying we do it all the time and it absolves everyone of any blame.

None dare call it socialism. But that's surely what it is.

Washington has nationalized AIG, the insurance giant, and Fannie Mae and Freddie Mac as much as Moscow under Vladimir Putin has nationalized big-winner industries like oil.

But with this defense: The Russians nationalized profit and privatized losses. We privatize profit and nationalize losses. And that's the worst sort of socialism.

At the same time, we're told that this "bailout" it good for all of us little people and that we must not point the finger of blame. We're all in this together, the argument goes. It's an argument especially favored by Republicans. But it's too patently self-serving.



Read more: http://www.nj.com/columns/ledger/index.ssf?/base/columns-0/1222143941262500.xml&coll=1

[iamthebandfanman]

1. its the new fascism

corporate socialism/welfare...

aka keepin the rich ... well... rich... with no consequences for FAILURE.



workers unite!

[Indenturedebtor]

2. THIS IS NOT SOCIALISM

Socialism provides housing, food, and medical care for the people. THIS IS NOT SOCIALISM!!!!!!! This is the rich taking from the poor. Socialism actually provides benefit to society as a whole. Society... socialism. Yeah there's a reason why it's called social-ism. Grrrrr I'm so sick of this bullshit meme! :grr:

[KT2000]

4. True - Thanks for that

It is more like robbery.

[Indenturedebtor]

6. Robbery = more of the same :( n/t

[tama]

7. Fascism

national corporate socialism = fascism.

[Indenturedebtor]

8. Yep. This whole "this is socialism" is a typical republican fascist trick

Night is day and day is night.

"Oh look we're stealing from you.. this is socialism. We really represent the opposite of stealing from you even though we're doing it now. Those other guys want to steal from you."

Fuck them. I'm so sick of their Orwellian bullshit! :grr:

[Finite]

9. It would be

if the government was going to oversee the running of these organisations, in a way that would benefit those at the bottom of the ladder. As it is, they're just going to bail them out and let me them carry on as normal.

But yes, it's been amusing to see Bush seizing the means of production!

[Indenturedebtor]

10. By "means of production" I assume that you mean the treasury?

These parasites don't produce anything.

[KT2000]

3. war profiteers should be

footing this bill. We could call it a windfall profits tax.

Every "screw-up" by this administration has resulted in a wealthier wealthy class.

Iraq War? The spoils of no-bid contracts has further consolidated wealth.
Katrina? Contractors were paid lots of money to accomplish nothing.
Homeland Security - more contractors on the dole.
Energy Crisis - more wealth for the drilling crowd
Wall Street Meltdown - saving and securing the wealthy class by transferring losses to the taxpayer.

Could we bigger stooges?

[EFerrari]

5. Someone needs to gift John Farmer with a dictionary or with an editor. n/t

[readmoreoften]

11. This is not socialism. This has NOTHING to do with socialism.

[The Backlash Cometh]

12. Well, if we're all in this together, I just want to be in the same line the

CEOs are in so I can get the same parachute money.