George Washinton’s Blog

A former senior advisor to the U.S. Treasury and highly-regarded economics professor, Nouriel Roubini, says that Washington’s bail outs are “socialism for the rich, the well connected and Wall Street; it is . . . a corrupt system where profits are privatized and losses are socialized.”

In fact, this is a quintessential characteristic of economies run by fascist regimes.

For example, historian Gaetano Salvemini argued in 1936 that fascism makes taxpayers responsible to private enterprise, because “the State pays for the blunders of private enterprise… Profit is private and individual. Loss is public and social” (page 416).

Why?

Well, remember that one of the best definitions of fascism is the “merger of state and corporate power“.

And a significant agenda of fascists is to ensure loyalty from their nation’s corporations.

As an article on Wikipedia states:

In general, apart from the nationalizations of some industries, fascist economies were based on private property and private initiative, but these were contingent upon service to the state.

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Fascist governments encouraged the pursuit of private profit and offered many benefits to large businesses, but they demanded in return that all economic activity should serve the “national interest”.

The bailout is - literally - fascist, because it socializes Wall Street’s losses and privatizes its gains, in order to further the merger between corporations and the state, to guarantee loyalty by Wall Street to Big Brother, and to reward the boys who have been “playing ball” with the Bush administration.

It is also, obviously, fascist because of how it is being rammed down America’s throat by authorian leaders, the way it would place government in charge of the markets, and to the extent that it would put Paulson’s actions above review by the courts