Fabian Capitalism II
A long, long time ago, BPSK and I had a conversation on the “capitalism” that UK and the US practice.
We made fun of the faux capitalism that’s in reality a Fabian-esque socialism that Britian practices, and how the US would “differentiate” itself by Paulson calling up Pandit to do a save.
Well, turns out that we weren’t too off. Paulson did not call Pandit, but instead called Dimon to do a save. Isn’t it a joy to be in a capitalist economy where the free market decides what needs to be done?
To this end, I recently came across an article that suggested that the Fed is considering Nordic-styled nationalization of US banks to help bail out the economy from its current crisis.
Let’s just say that I am at a loss for words.
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