Friday, July 18, 2008

Obama Might Be a Socialist, But Bush Favors Selling Out to Socialists

The Wall Street Journal reported on the exchange between Republican Presidential hopeful during a town hall meeting. In it, Senator McCain derided Senator Obama's voting record before saying he "didn't know" if his peer was a socialist.

One definition of socialism states: “A political theory advocating state ownership of industry, an economic system based on state ownership of capital.”

It turns out Bush’s Federal Reserve Bank is socialist using these criteria, but John McCain gives Ben Bernake a free pass. Other than the obvious Bear Sterns bailout, how might the Fed be socialist?

Consider this the next time you pull up at the gas pump. Saudi Arabia and the United Arab Emirates profusely thank you for enriching their state owned companies. The coffers of these sovereign wealth funds overflow so much, they’re buying chunks of U.S. corporations and key infrastructure assets.

Ben Bernake contemplates allowing SWF’s and their private equity partners to bail out ailing banks. The future could find you financing your gas purchase with revolving bank credit card debt, giving those foreign government owned corporations a double shot at profiting. That socialism John McCain won’t mention. But Barack Obama could be a socialist!