Socialism is alive and well in America, but not at the bottom of the market, where conservatives claim it is. Government bailouts of corporations amount to socialism for the very rich, and the same social Darwinism used as a weapon against the lower and middle classes is not brandished on the wealthy.
In the case of Bear-Stearns: insurance companies appear to be the "welfare queens" (absent food stamps) in the Federal Reserve's hands-on salvation of Bear-Sterns. Does anybody blame those queens? Not without risk of being ironically labeled as socialists who oppose "free" markets. But we know for whom American socialism truly works.
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