Socialism for the rich


Maybe [Chairman of the Fed Bernanke] is seeing the light that capitalism without financial failure is not capitalism at all, but a kind of socialism for the rich.– James Grant, the editor of Grant’s Interest Rate Observer, in the NY Times

If the Fed bails out collapsing investment banks and hedge funds but does nothing for the millions who will be losing their homes, that would be a recipe for serious social unrest. Grant suggests they will not be bailing out anyone. We shall see.