Financial crisis: We're all socialists now, comrade

DiVineEnvy · 10-10-2008, 06:23 PM

Is it socialism, or fascism? Maybe the distinction is just academic.

"Following a pattern it had set in earlier bailouts of smaller banks, the government set up a holding company, which it financed together with the central bank. This company acquired all the corporate shares held in the portfolios of the banks at the higher historical, not current prices. Thus, the government not only provided liquidity to the banking system, but it also absorbed part of its losses. It also became the largest shareholder in a number of firms. Many of the industrial firms thus acquired were themselves on the verge of failing and benefited not just from the rescue of their banks but also from the direct infusion of public money" --Benito Mussolini

10-10-2008, 06:23 PM	#1
DiVineEnvy Avalon Senior Member Join Date: Sep 2008 Posts: 128	Re: Financial crisis: We're all socialists now, comrade Is it socialism, or fascism? Maybe the distinction is just academic. "Following a pattern it had set in earlier bailouts of smaller banks, the government set up a holding company, which it financed together with the central bank. This company acquired all the corporate shares held in the portfolios of the banks at the higher historical, not current prices. Thus, the government not only provided liquidity to the banking system, but it also absorbed part of its losses. It also became the largest shareholder in a number of firms. Many of the industrial firms thus acquired were themselves on the verge of failing and benefited not just from the rescue of their banks but also from the direct infusion of public money" --Benito Mussolini