The federal government has just nationalized two mortgage banks and the largest insurance company in the world, and it is now launching a $700 billion program to create an entity that buys and sells bad debt.
Since the 1980s, the Republicans have been claiming that if only we'd get rid of these crippling regulations on the financial system things would be so much better. When that doesn't work, they opt for socializing huge segments of it?
'Cause, that's what we're talking about here - the same sort of nationalization of private sector entities that we as a nation decried in places like Nicaragua, Cuba, the Soviet Union, and more recently in Russia (when Russia nationalized the oil companies).
Lets take a look at AIG, for example.
Taking over AIG puts the US Federal Government in the position of being a/the major insurer in many world markets, like China - which is to say, the ability to play games with local financial markets all over the world.
Taking over AIG puts the US Federal Government in charge of the Bulgarian Telecommunications Company.
Taking over AIG puts the US Federal Government in charge of the largest aircraft leasing company in the world.
Taking over AIG puts the US Federal Government in charge of the London City Airport, and P&O Ports North America (remember? the North American ports that got sold to Dubai?), and Marine Terminal Corporation, specializing in cargo handling and terminal security.
Should any of this make us nervous?