Is it possible that one of the most radically-right governments in ages is advocating one of the biggest step towards socialism that this country has taken in generations? President Bush has nationalized the nation’s largest mortgage provider and insurance company. (For contrast, imagine President Obama demanding that Congress approve the government take over and nationalize the country’s largest health insurance company.) Now Bush wants $700B—more than we’ve spent on Bush’s war in Iraq—to pay the debts of a bunch of private businesses, presumably gaining an ownership stake in them in the process. Anybody forecasting this in 2000 would have been laughed off of the campaign trail.
Is the problem that our markets are too free? Or is it that they’re not free enough?