Re: [Pen-l] "socialism" [was: Seeking financial advice!

["Max B. Sawicky" <sawicky@xxxxxxxxxxx>]

Jim Devine wrote:
> me:
> > > according to some Wall Street sorts, Bernanke and Paulson have already
> > > brought about "socialism."
>
> ravi  wrote:
> > Krugman refers to the latter (individual) as Comrade Paulson.
>
> there's this big mix-up among economists, in which any statism (and
> intervention in markets) is considered to be "socialism."


I think the reference is some mixture of facetiousness and outrage (over 
the failures of financial oversight).

I also think it's a useful way to point up the collapse of free market 
illusions.
It's also a way to open the door to discussing better insuring the 
working class against the risks it faces.

All things considered, aside from the inconvenience of mass unemployment 
and destruction of personal
savings, it's a great political opportunity.


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