The View From 1776

Basic Socialism

Is the Obama administration moving to take control of the banking system directly and by intimidation?

When socialism was first systematically conceptualized by Henri de Saint-Simon in the beginning decades of the 19th century, one of its fundamental tenets was that government bureaucrats reporting to intellectual councils could do a better job of managing companies than could businessmen.  Only government bureaucrats, in theory, could manage companies to make them most productive and to distribute wealth as equally as possible to all citizens.  Remove profit from the picture, and all of businesses’ net revenues could be used to produce an era of milk and honey, an abundance of goods and services for all citizens, without regard to ability or hard work, but solely on the basis of need.

Recent events suggest that the Obama administration may be in the process of implementing M. de Saint-Simon’s theories.  Read Obama Wants to Control the Banks: There’s a reason he refuses to accept repayment of TARP money and Geithner Says Government Would Remove Bank Chiefs if Needed.

As noted in Sic Semper Socialismus, “...when the socialists bring the world