Henry Paulson, Socialist

Monday, September 22, 2008 | 08:30 PM

From Slate's new finance website, The Big Money, comes this dead on article by the title of Henry Paulson, Socialist.


"There is a term in political philosophy to describe a government takeover of a critical industry: That term is socialism. The government is telling us that capital and credit markets cannot, for several reasons, solve the current crisis on their own—only the federal government and its massive taxpayer base have the authority and the resources to solve it. That is state socialism: the philosophy preached by the founders of the Second International, by the radical wing of the American labor movement, through the formation of the Soviet Union and its satellites, and now by Henry Paulson.

Like the ownership society, socialism is also a compelling vision; just look at the logic of the Paulson-Bernanke plan. There are several financial institutions that have brought themselves nearly to extinction by acquiring a cornucopia of toxic assets, ultimately related to mortgages. Those assets might be worth what the banks thought they were worth, and they might be worth nothing; it's hard to know because the market for them in many instances has disappeared."

GO. Read the entire piece . . .


Henry Paulson, Socialist
James Ledbetter
The Big Money, Sunday, September 21, 2008 - 9:41pm

Monday, September 22, 2008 | 08:30 PM | Permalink | Comments (79) | TrackBack (0)
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No. The term is not "socialism", because it's not really the "government" which is reaping the benefits of these industries. The term is "Oligarchy", and everyone in Russia knows what it means. The people are picking up the tab, so that the few might benefit. Socialism spreads the benefits and the cost. Oligarchies spread the cost but focus the profits.

Posted by: Roven | Sep 22, 2008 8:58:21 PM

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