Fannie, Freddie bailouts: Socialism for the rich

David J. Mackett, Las Vegas

Sunday, Sept. 14, 2008 | 2:11 a.m.

What do you know, another taxpayer “bailout” (polite right-wing buzz word for nationalization) of failing corrupt businesses — this time it’s Fannie Mae and Freddie Mac and a few failed banks here and there. It is a deja vu experience; I’m old enough to remember the savings and loan bailouts in 1989 and the political corruption associated with their failure, Sen. John McCain and some Bush family members included.

In almost all these cases, then and now, failure to enforce laws, rules and regulations preceded the business failures and the need for nationalization. Thus the taxpayers get hit twice — paying first for enforcement services we don’t get and, second, paying for propping up the gutted businesses and taking over their obligations when they get in trouble — as they always do.

Surely this is nothing but socialism for a small minority — the rich. It’s about time we have some socialism for the majority — the little guy. We’re tired of having failed businesses foisted on us, taking all the risks, and getting none of the profit.

Next time let’s nationalize a solid, profit-making business to bring in some cash for us taxpayers. I think we should start with the oil companies. Everyone agrees they’re too big and too important to let fail.

Socialism for the little guy would mean you and I would have some of those obscene profits going into our pockets instead of those of heirs of billionaires. We’d get rewarded for our risk for a change as capitalist theory says we should. Maybe with all the money we’d make, some of us could afford to take a vacation in Switzerland.