[Gondring]

Indeed. You are looking at the emergence of fascism preceded by authoritarianism. What we are seeing is just the beginning.

"In actual fact, it is the State, i.e. the taxpayer, who has become responsible to private enterprise. In Fascist Italy the State pays for the blunders of private enterprise. As long as business was good, profit remained to private initiative. When the depression came, the Government added the loss to the tax-payer's burden. Profit is private and individual. Loss is public and social."

--Under the Axe of Fascism, by Gaetano Salvemini, p. 416 (1936).

Salvemini goes on to discuss the bailouts, which were targeted to large corporations but not small businesses.

"In December 1932 a Fascist financial expert, Signor Mazuchelli, estimated that more than 8.5 billion lire had been paid out by the Government from 1923 to 1932 in order to help depressed industries (Rivista Bancaria, December 15th, 1932, p.1,007). From December 1932 to 1935 the outlay must have doubled."

--Under the Axe of Fascism, by Gaetano Salvemini (1936).

Thank you, Bush/Obama.

[Swordfished]

Thank you, Bush/Obama.

Thank you for your intellectual honesty in lumping Bush in with Obama. It's not done near enough around here.

[Gondring]

Old post ping. :-)