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Michael Covel (FT Press)

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Michael Covel

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Socialistic Takeover

Economics | September 7th, 2008

The conversion of the United States to socialisim continues to march along. Fannie and Freddie are now part of the government! Tell me again how we can honestly knock the Chinese system given today’s action? Does this action mean that if U.S. equity markets were to crash that the Feds would take over all private corporations too?

Note: No vulgarity or ugly attacks. There are other places for that.

  • Molecool

    Yup, we now officially have swapped roles with the Russians.

  • Merlin Dewing

    I agree, and now the auto industry which has been mismanaged for years and totally out-competed by Foreign corporations thinks we should shoulder their burden. Free enterprise permits you to make money or go broke. Our arrogant auto industry choose their path years ago.

  • Molecool

    I propose we change our anthem:

  • Molecool

    Damn it – the Russian anthem youtube clip didn’t make it into my last post…

  • http://www.informedtrades.com Simit Patel

    alas, it was inevitable.

    it starts with central banking….it graduates to fiat currency….add some government expansion along the way….

    once you take the central bank route, capitalism and the sound monetary policy that capitalism requires go out the window.

  • Rick

    A long time ago when we were in the midst of the cold war and many times since, when discussing with people about Russia vs United States and their way vs our way, I said that Russia and the socialistic way of life would eventually win. And, lo and behold, it is.

  • Melinda

    I came from China to US 15 years ago for grad school, didn’t know anything about capital market at the time. Now I trade China market at the mean time trading US market. Nothing to do in China market since you can’t short and the trend is down. But in US you may short FXI or long FXP. FXI seems always form good trend, either up or down, unlike SP 500, which is quite bumpy.

    China is moving toward capitalism by selling shares of government owned entities to general public, while US government is taking back FRE, FNM, or such. Where is US heading into? It amazed me how the two countries moved toward different direction, and both paths seem bumpy at this moment.

  • taylor boyd

    God forbid that anyone should be allowed to suffer the consequences of their own actions!

  • Michael L Beatini

    Socialism (or is it fascism?) started with the Chrysler bailout in the 70′s. The interesting aspect of the USA’s form of Socialism is that it applies only to corporations and not individuals.

  • http://michaelcovel.com Michael Covel

    AIG now. Just gross.


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