Then what is this:
1: any of various economic and political theories advocating collective or governmental ownership and administration of the means of production and distribution of goods
2 a: a system of society or group living in which there is no private property b: a system or condition of society in which the means of production are owned and controlled by the state
3: a stage of society in Marxist theory transitional between capitalism and communism and distinguished by unequal distribution of goods and pay according to work done
In the last four weeks, President Bush has proposed a $700-billion bailout of the financial sector, pressed his Treasury secretary to push equity into the system and met with key world leaders on how to regulate the global markets.And this?
"The fly in the ointment for this socialism argument is the recent bank bailout," Larry Sabato, who heads the University of Virginia's nonpartisan Center for Politics, told CNN. "That's probably the most egregious example of socialism in American history."
On Sunday, Fox News' Chris Wallace asked McCain about whether he's as much a socialist as the rest of us. Here's their exchange.Oh, never mind. We're on to communism.WALLACE: But, Senator, you voted for the $700-billion bailout that's being used partially to nationalize American banks. Isn't that socialism?
MCCAIN: That is reacting to a crisis that's due to greed and excess in Washington. And what this administration is doing wrong, and what Paulson is doing wrong, is not going out and buying up home loan mortgages, home mortgages, and giving people new mortgages at the new value of their home so they can stay in their home. They're bailing out the banks. They're bailing out these institutions.
WALLACE: But you voted for that.
MCCAIN: Of course. It was a package that had to be enacted because the economy was about to go into the tank.... That's the reason why we have governments, to help those who need help, who can't help themselves, and when time of crisis to step in and do what's necessary to preserve the lives and futures of innocent people. It wasn't Main Street America that caused this. It was Washington and Wall Street.