Economic Crises Mean More Socialism for the Rich

Summary

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Socialism has gone through several major re-definitions over the last century. Generally, it aimed at guaranteeing a minimum living standard for the poor.

Yet, strange as it may seem, all major economic crises, the Savings and Loan debacle of the'80s, the stock market bubble of the'90s and the current mortgage mess all expanded socialism for the rich while dispersing the cost onto the innocent masses. They all guaranteed a higher living standard for the super-rich.

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Economic Crises Mean More Socialism for the Rich

In the 1980s, junk bond kings, Ivan Boesky and Michael Milken, having literally stolen hundreds of millions, had the cost of their fraud transferred to those who were innocent. They were the beneficiaries of sociali...

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