Socialism bailing out capitalism? (The Federal Reserve and the Banking problems)

Am I mistaken in interpreting the Federal Reserve Banks efforts such as the assisting of rescuing Bear Stearns as an example of socialism being used to save us from certain excesses and abuses of capitalism?Moose

The bottom line in my starting this topic was to make a statement against the widespread perception that capitalism is good and socialism is bad (even evil). Both economic systems can have their failings, for which the roots are probably greed.The "conventional wisdom" is that socialism is inefficient and wasteful. But what does this "conventional wisdom" have to say when the big capitalistic screw-up happens? One that threatens the entirety of the economy.Added by edit: I certainly agree with that the bailout benefits go beyond the 'high and mighty'. Would you, however, also agree that the banking and related crisis was largely brought on by the greed of the 'high and mighty'?End edit.MooseEdited by Minnemooseus, : See above.

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Professor, geology, Whatsamatta U
Evolution - Changes in the environment, caused by the interactions of the components of the environment. "Do not meddle in the affairs of cats, for they are subtle and will piss on your computer." - Bruce Graham

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"The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness." - John Kenneth Galbraith

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"As democracy is perfected, the office of president represents, more and more closely, the inner soul of the people. On some great and glorious day the plain folks of the land will reach their heart's desire at last and the White House will be adorned by a downright moron." - H.L. Mencken (1880-1956)

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"Nixon was a professional politician, and I despised everything he stood for ” but if he were running for president this year against the evil Bush-Cheney gang, I would happily vote for him." - Hunter S. Thompson

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"I know a little about a lot of things, and a lot about a few things, but I'm highly ignorant about everything." - Moose

Only caught the end, but it seemed pretty good. Need to get back to it, to hear it all.Our Confusing Economy, Explained : NPR

quote:

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Perplexed by the U.S. economy? You're not alone. Law professor Michael Greenberger joins Fresh Air to explain the sub-prime mortgage crisis, credit defaults, the shaky future of other types of loans and what we can expect from the U.S. financial markets.

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Greenberger is a professor at the University of Maryland School of Law and the director of the University's Center for Health and Homeland Security.

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Link to audio feed available at the above linked page.Moose