Socialized capitalism of the sort the Fed and the Treasury are now practicing, consisting of private gains and public losses, is untenable. On the other hand, it’s also true that giant Wall Street investments banks as well as Fannie Mae and Freddie Mac are too big to fail.
From
Robert Reich’s Blog: A Modest Proposal for Ending Socialized Capitalism
Great post from one of my favorite economists. Reich’s description of bailouts as Socialized Capitalism is spot on.
