Bankruptcy Socialism: A Dystopian Tale

Bankruptcy SocialismIn September, 2008, with the financial crisis of that year triggered by the collapse of the mortgage-backed securities bubble shaking the foundations of financial institutions world-wide and an election in the U.S. looming which had the prospect of electing the most explicitly left-wing president in the country’s history, I wrote a Gnome-o-Gram titled “The AIG Takeover and Bankruptcy Socialism”, in which I introduced the term “bankruptcy socialism”.  I have appended that original article, unmodified, to this post so you can see what I was thinking at the time and how things evolved subsequently compared to what I envisioned.

Although I wish for nothing more earnestly than the kind of optimistic outcome from the present disruption due to the coronavirus pandemic and the measures taken to deal with it, such as those sketched by TKC 1101 in his post “So What Is the POTUS Strategy?”, I also believe it is wise to look at other, darker strategies which may be put into place by those with agendas very different from the swift and complete recovery from the present troubles for which I, and most people, hope.... [Read More]