Socialized capitalism

As much as it turns my stomach that profits on Wall Street are privatized while losses are socialized (read: Savings & Loan, Enron, etc.)…I am afraid there is no other way than to allow this taxpayer bailout of the crooks who got us into this mess. One interesting tidbit I found regarding FDR’s handling of The Great Depression:

FDR, after assuming the presidency, promoted a wide variety of federally funded programs aimed at restoring the American economy, helping relieve the suffering of the unemployed, and reforming the system so that such a severe crisis could never happen again. However, while the New Deal did help restore the GNP to its 1929 level and did introduce basic banking and welfare reforms, FDR refused to run up the deficits that ending the depression required. Only when the federal government imposed rationing, recruited 6 million defense workers (including women and African Americans), drafted 6 million soldiers, and ran massive deficits to fight World War II did the Great Depression finally end.

The distinction, I believe, is that most of the federally funded programs were developed to help the American (common) people, not the fat cats. There was also REFORM, rather than a blank check as is being requested by the Bush administration. And this additional debt burden will continue to weaken the U.S. and sell our souls to China.

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