SOCIALISM, OBAMA-STYLE
By DICK MORRIS & EILEEN MCGANN
Published on DickMorris.com on October 24, 2008
"The perfect storm combining the vast expansion of government's role in the American economy, a looming Obama triumph and likely huge Democratic gains in Congress augur the most serious threat of the onset of socialism the United States has faced since the New Deal. But while it became obvious that FDR's goal was to save capitalism, not to replace it, it is by no means clear that Barack Obama is similarly inclined.
As alarm bells ring incessantly, demanding government action to prevent the conflagration of our most important companies and markets, the Federal Reserve and Treasury rush to extinguish the flames with hoses filled with money. But this massive and needed public-sector intrusion into private enterprise begs the key question: After the fires are put out, will the government firefighters leave, or will they move into the companies they saved and evict their former corporate owners?
The current crisis makes it clear that the government will be invited inside the management and ownership of our top financial and corporate institutions. But it is unclear whether it will ever withdraw after the crisis has passed."
That is exactly right. Read more here.
Published on DickMorris.com on October 24, 2008
"The perfect storm combining the vast expansion of government's role in the American economy, a looming Obama triumph and likely huge Democratic gains in Congress augur the most serious threat of the onset of socialism the United States has faced since the New Deal. But while it became obvious that FDR's goal was to save capitalism, not to replace it, it is by no means clear that Barack Obama is similarly inclined.
As alarm bells ring incessantly, demanding government action to prevent the conflagration of our most important companies and markets, the Federal Reserve and Treasury rush to extinguish the flames with hoses filled with money. But this massive and needed public-sector intrusion into private enterprise begs the key question: After the fires are put out, will the government firefighters leave, or will they move into the companies they saved and evict their former corporate owners?
The current crisis makes it clear that the government will be invited inside the management and ownership of our top financial and corporate institutions. But it is unclear whether it will ever withdraw after the crisis has passed."
That is exactly right. Read more here.
Related:
White House ‘Trusts’ Treasury – No Timeline to Sell Bank Stocks Back to Private Sector
White House (CNSNews.com) – The Department of the Treasury is set to buy $250 billion in stock in nine major banks and hundreds of smaller banks across America, with no timeline as to when (or if) those stocks will be sold back to the private sector. Treasury Secretary Henry Paulson plans to leave his post in January 2009, at the end of the Bush administration. A new secretary will come in with the new administration.
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5:25 PM
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