For those who might have somehow missed your un-optional daily gov-prop broadcasts, the US-FED-GOV recently instituted a double-plus-good financial reform package that demonstrates once and for all that we are no longer burdened with the unequal demands of the previous unfair capitalist regime-method.
Yes comrades, my loyal brothers and sisters, we are now a fully socialist empire.
To paraphrase the Beatles:
"You don't know how lucky you are boy,--------
Back in the USSE"
(United States Socialist Empire)
The US federal government is working on a sweeping series of programs that would represent the biggest intervention in financial markets since the 1930s.
Few exact details of the plan have been revealed, but it essentially involves creating a new government agency that could soak up all the bad assets that are bringing down US financial firms.
Bush said the intervention would require a 'significant amount of taxpayer dollars.' Paulson earlier said the cost would be in the 'hundreds of billions.'---
Wall Street and investors across the globe celebrate.
But even Federal Reserve historian Allan Melzer calls Paulson Plan "Social Democracy at Its Worst"
Remember that Carl Menger wrote in his wonderful Grundsatze that "all things are subject to the law of cause and effect." Indeed, Menger's words live here; falling prices are an effect, not a cause. Short sellers and others who are helping to drive down asset prices are restoring the markets to their natural equilibrium, not preventing it. Unfortunately, the SEC is channeling Hoover and FDR, and they are preventing the economy from recovering.---
Ron Paul & Lew Rockwell talk about it all here: Give it a listen.
Robert Higgs actually put it best in "Does Wall Street Have A Death Wish?" where he stated:
"it is fair to conclude that the government has given up entirely on the free market and has decided to occupy the wasteland where outright socialism and economic fascism meet."---