Warm Southern Breeze

"… there is no such thing as nothing."

Was the Wall Street Bailout Socialist?

Posted by Warm Southern Breeze on Sunday, October 9, 2011

Having viewed an interview on MSNBC by Martin Bashir with Vermont U.S. Senator Bernie Sanders, I was taken with a question Mr. Bashir asked Sen. Sanders toward the conclusion of the interview.

Martin Bashir: Mr. Sanders, how is it possible that people like Eric Cantor appear to encourage capitalism for everyone until a bank fails, and then socialism is acceptable because ‘we have to bail out the banks… we have to support them.’ But all of us – individual citizens in this society – well, if capitalism swipes us aside, we have to accept that?

Because it’s always good to be certain, I doubled checked a couple resources to be certain of what I was hearing.

Here’s what I found:

From Wikipedia:

Socialism  /ˈsoʊʃəlɪzəm/ is an economic system in which the means of production are either state owned or commonly owned and controlled cooperatively; or a political philosophy advocating such a system.

From New Oxford American Dictionary:

socialism |ˈsōSHəˌlizəm|
noun
a political and economic theory of social organization that advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.

Ludwig von Mises, author and founder of the movement termed the Austrian School of Economics, in chapter 7 (The Distribution of Income) of his 1951 book Socialism: An Economic and Sociological Analysis (Yale University Press) wrote that “Socialism is nothing but a theory of “just” distribution. The socialist community is characterized by the fact that in it there is no connection between production and distribution. “

From Merriam-Webster:

any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods. : a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done

I find Mr. Bashir’s question to be entirely spot on.

Here it is again:

Martin Bashir: Mr. Sanders, how is it possible that people like Eric Cantor appear to encourage capitalism for everyone until a bank fails, and then socialism is acceptable because ‘we have to bail out the banks… we have to support them.’ But all of us – individual citizens in this society – well, if capitalism swipes us aside, we have to accept that?

Socialism indeed– corporate socialism.

Occupy Wall Street Protest in Washignton Square Park  A group of doctors at the Occupy Wall Street general assembly in Washington Square Park. To read/see my coverage of Occupy Wall street go to my blog here jttp://JulieDermansky.blogspot.com/

Occupy Wall Street Protest in Washignton Square Park A group of doctors at the Occupy Wall Street general assembly in Washington Square Park. To read/see my coverage of Occupy Wall street go to my blog here jttp://JulieDermansky.blogspot.com/ Photo via Flickr by jsdart Julie Dermansky ©

It’s abuses like that one – the Wall Street Bailout – that continue to fuel the Occupy Wall Street Movement. Only thing is, Washington, D.C. needs to be re-occupied.

Term Limitations, anyone?

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