America's New-Found Socialism: The Mother of All Government Interventions
Hank Paulson has become the new symbol of American socialism at work. He, with the help of his colleagues Ben Bernanke and some legislators, has become what some are labeling the "bail-out tsar."
[Tweaked image taken from Wikepedia.org, who got it from Rossia.org]
The French leftist newspaper Liberation is labeling our country, once the symbol of the free market, the USSRA: United Socialist States of the Republic of America.
Yes, the free-market pretense seems to be over, folks. The chips are now on the table. Whatever happened to the so-called "Reagan Revolution"?
As one congressman describes it in a citation pulled from MarketNews International by Prudent Bear:
"U.S. Senator Jim Bunning today issued the following statement regarding the Treasury Department's bailout of Wall Street. ‘Instead of celebrating the Fourth of July next year Americans will be celebrating Bastille Day; the free market for all intensive purposes is dead in America. The action proposed today by the Treasury Department will take away the free market and institute socialism in America.'"
This would be true if it weren't for the fact that we've been creeping toward socialism since the First World War. This latest is only the most recent leftist push.
I suppose there is a slight chance that Paulson--who does know investment banking--might have played the taypayers' hand well. By this I mean that there may be a tiny possibility that the toxic waste he will be buying for us (if Congress gives him the power he seeks) could in the long run be worth more than the taxpayers will pay for it.
But why is it that I just don't believe that? Well, a look back at history tends to substantiate that whenever the government intervenes into the market, it mucks it up. It's just a rule of thumb. Why should this case scenario be any different?
(Don't sell your gold yet.)