In times of crisis you often discover what people really believe, which is sometimes not what they've been saying in good times. For example, for decades the Republicans have been telling us they believe in small government and definitely not in socialism. Socialism means the government owns large pieces of the economy and that, the Republicans told us, was a no no.
Then came the current financial crisis in which the Republican administration:
Took over Fannie Mae and Freddie Mac, giving the federal government ownership of over $5 trillion in mortgages. [reference]
Took an 80% stake in AGI, a trillion dollar insurance company. [reference]
Proposes buying $700 billion on mortgage and other securities from the private sector. [reference]
Taken together, in the past few weeks this Republican administration has moved to take over roughly $7 trillion worth of the private sector. It turns out, the Republicans are really Socialists.
Who knew?
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