Practice Random Acts Of Compassionate Capitalism
I'm sure we've all being following the Fannie Mae/Freddie Mac financial crises and the proposed government bailout... One of many op-eds from From HuffPo's Byron Williams:
- Most Americans believe they possess a natural aversion to socialism. Charges of "socialized medicine" have derailed much-needed health care reforms for years. After all, we are a capitalist society, we believe in personal responsibility, lifting ourselves by our bootstraps -- at least that is the stereotype we like to promote.
The version closer to reality is America offers capitalism to low-income individuals, but is more than willing to unleash its socialist impulses for the wealthy.
If we were truly a capitalist society Chrysler would not exist today, making cars that don't sell. It would have gone out of business decades ago.
By passing the $1.5 billion "Chrysler Corporation Loan Guarantee Act of 1979," Congress allowed Chrysler to avoid bankruptcy, stay in business, and save jobs. However one feels about the Chrysler bailout, it was not capitalism. But recent Wall Street financial fiascos may cause us to long for the return of the Chrysler K-car.
Congress is now on the verge of bailing out Fannie Mae and Freddie Mac, the government created but privately owned, profit-making housing finance companies responsible for nearly half of the U.S. mortgage market. Collectively, they own or guarantee an estimated $5 trillion of debt.
The rest here: Capitalism for the Poor, Socialism for the Wealthy
