Thursday, September 18, 2008

State Capitalism Comes to America

Under state capitalism, the economy is manipulated to meet government set goals. Under state capitalism, Washington rules.

Under the Freddie and Fannie takeovers, the government becomes the controlling stockholder and supplier of capital in two previously private organizations on whom the residential construction, real estate, building materials, home appliance, banking and furniture industries depend. An enormous segment of the American economy has been turned over to the government, with the enthusiastic approval of the industries concerned.
Nicholas von Hoffman - The Nation, September 8, 2008

No comments: