George Washington’s Blog
September 21, 2008
A former senior advisor to the U.S. Treasury and highly-regarded economics professor, Nouriel Roubini, says that Washington’s bail outs are “socialism for the rich, the well connected and Wall Street; it is the continuation of a corrupt system where profits are privatized and losses are socialized.”
In fact, this is a quintessential characteristic of economies run by fascist regimes.
For example, historian Gaetano Salvemini argued in 1936 that fascism makes taxpayers responsible to private enterprise, because "the State pays for the blunders of private enterprise… Profit is private and individual. Loss is public and social."
"Those who cannot remember the past are condemned to repeat it."
– George Santayana