King Henry's Socialism
- By Alex Doran
- Published 11/12/2008
Alex Doran
A C# .Net and PHP developer, a student of the Austrian school of economics, and libertarianism.
No I am not being melodramatic. Part of the definition of socialism is state ownership of the means of production, and that is what we are getting with the bailout.
Treasury secretary Henry Paulson has announced that the bailout will not be used to purchase bad mortgage debt, but rather to buy stock in banks. This is essentially a partial nationalization of the banking industry; it is socialism pure and simple.
/rant
Treasury secretary Henry Paulson has announced that the bailout will not be used to purchase bad mortgage debt, but rather to buy stock in banks. This is essentially a partial nationalization of the banking industry; it is socialism pure and simple.
/rant
