Is the upward distribution of wealth to companies like AIG and Citibank also socialism ?
AIG, Merrill-Lynch, etc. should have gone out of business. Our country is founded upon Capitalistic principles, and poor companies should go out of business. But, then again, is the financial sector of the economy so crucial that massive bankruptcies could cripple the power of the average American to secure a mortage, a bank loan, etc? Without the ability to secure loans, a business is incapable of sufficiently raising captial and providing assets since, after all, no company will provide all of its money via bonds or stocks. Would the lack of a bailout prevent businesses from carrying out needed financing? Perhaps. Socialism: “any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods” (Merriam-Webster Dictionary) So, does it seem that socialism is at work with the Financial Industry? Yes. But, does Socialism also seem to be at work in other areas such as the United States runni
