Jim Rogers on CNBC calls Fannie / Freddie bailout socialism for the rich
Posted on September 8th, 2008 at 9:49am by bile Tags: bailout, Fannie Mae, fascism, Federal Reserve System, Freddie Mac, Jim Rogers, national socialism, Ron Paul, socialism, Wall StreetThe Fannie-Freddie bailout is “socialism for the rich,” says Jim Rogers. Not for “homeowners in trouble” – not that that’s a good idea – but for “Wall Street and the big banks.” Actually, Jim, this is just more fascist corporatism: an FDR-style big government-big business partnership against the rest of us. BTW, Ron Paul warned against all of this, years ago. And wait a minute, Jim, you’re right. This is socialism: national socialism. (Thanks to Nels Stemm)
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September 8th, 2008 at 10:31 am
[...] Well… it has. And the investors in these guarantee agencies have begun wondering where the return on their investments are (these companies have been losing their shirts.) And so of course, the government steps in, and basically nationalizes these two guarantee agencies (it will amount to a bail out, mark my words.) And when the government steps in, the stock market apparently likes that. As of the time of writing stocks are up, world wide. And commentators one television decry socialism in the United States. [...]
September 8th, 2008 at 11:09 am
Since I can’t leave a response on the Supernova Earth post I’ll do it here:
You missed the “socialism for the rich” component it seems. Rogers is clearly in agreement that Fannie and Freddie are bailouts for the rich, the well connected, Wall Street. The GSE’s creation was socialistic, the bailout/takeover is socialistic, the US is not socialist. It’s not capitalist either as you later state. It could be labeled corporatist, neo-merchantialist, mixed economy, or with the rise of nationalism: fascist. You, as many others, misrepresent what the USA economy is as capitalistic just as many in the USA misrepresent what they have in Europe to be socialist. They are both mixed economies, leaning more in a particular direction than the others.
As for tax ‘fairness’… do you know the breakdown of federal income taxation in the USA? In 2005 the top 1% of income tax payers paid 39.38% of all income tax collected, top 5% paid 59.67%, top 10% paid 70.30%, top 25% paid 85.99%, and the top 50% paid 96.93%. Looks to me the poor do pretty well in that regard. If you want to go after the truly unfair tax you should investigate the inflation tax caused but the Federal Reserve System and its monopoly on the money supply.
You attack the big businesses which exist in their form as a result of government interference and corruption. You are advocating more interference which will lead to more corruption likely and definitely a worse off economy. Don’t ask for more regulation (which helps those already at the top), ask for deregulation and smaller government. Stop using the guns of government to prop up the rich and keep down everyone else. Trying to fix problems with government which government caused will only lead to more and worse problems.
September 8th, 2008 at 1:04 pm
Corporate socialism