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October 15, 2008
Socialism was once a dirty word especially to do with banks. Now it's return in the form of bank nationalization is welcomed by Armani dressed free market finance capitalists and stock market traders. The finance capitalists (investment-bankers, venture capitalists, moneymen and corporate heads) are becoming convinced that a socialist turn would be best for business.
Moir
Unregulated markets certainly lead to economic disaster. It's simple really. How come that was forgotten? The lessons of the traumatic Depression were forgotten weren't they? The free market economists, libertarians and investment banks mocked those who remembered them.
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During one of the emergency meetings (I saw a video on the internets somewhere) where the crisis was discussed one speaker made the quip that the Bush Administration came in as social conservatives and left as conservative socialists.
That will stick.