Wednesday, September 17, 2008

Socialism in reverse

The transformation of the USA into the USSRA United Socialist State Republic of America continues at full speed with the nationalization of AIG(via Glenn Reynolds and Fabius Maximus)

Last week we argued that, with the nationalization of Fannie and Freddie, comrades Bush, Paulson and Bernanke had started transforming the USA into the USSRA (United Socialist State Republic of America). This transformation of the USA into a country where there is socialism for the rich, the well connected and Wall Street (i.e. where profits are privatized and losses are socialized) continues today with the nationalization of AIG.

Generally, nations nationalize companies because they are extremely valuable. In America, we nationalize companies because they have no value.