I have re-watched the Credit Crisis video a few times and each time its message really hits home. Not only was the crisis created by collective greed, but also a sophisticated scheme to generate money without actually contributing much useful. It was all about getting rewarded without doing any heavy work. Sure sounds like socialism. It is a socialist ideal to have people have all their needs met with minimal effort on their own part. Only within socialism are people allowed to make poor choices and still get away with it, because after-all the larger community will take care of you. Yet what we are witnessing is not socialism in its pure form. What we are seeing is a kind of socialism known as State Capitalism. This is where governments in the US, UK, and other places prop up their banks and financial institutions. This ends up saving and rewarding many of the same people who created the credit crisis. Yet, just like in the video, the state stood aside and allowed this to happen and even contributed to it by keeping interest rates too low. The state has to step in because it helped create the crisis in an […]