In a rather extraordinary column in Forbes, Michael Maiello argues that the right-wingers complaining the President Obama is a wealth re-distributing European-style socialist have it all wrong: Actually, he's a Russian-style oligarch -- the reason that I have illustrated this post with DVD cover for Pavel Lungin's most excellent Oligarkh. Maiello writes:While the "angry white men" movement assembles into tea parties, the real anger should be felt by those on the left who have so far watched the president continue to follow an economic rescue plan that was outlined by George Bush and Hank Paulson. The only thing that Obama has socialized are the losses incurred by Wall Street's major banks like Citigroup (NYSE: C) and Bank of America (NYSE: BAC) and, through the government's continued willingness to write checks to AIG (NYSE: AIG), foreign financial firms like Société Générale and Deutsche Bank.
Now the Public Private Partnership will actually allow financial institutions to borrow money from you through non-recourse loans to invest in toxic assets -- If it works out well, they get rich. If not, the risk falls to the taxpayers.
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