> Some years ago William F. Buckley remarked that capitalism in America
> privatized profits and socialized losses.  At the time he was
> referring to the government bail out of Chrysler Corp. but the remark
> remains relevant.
>
> The new bail-out of Freddie Mac and Fannie Mae is exactly that,
> profits were generous and welcome by investors in those firms during
> the housing bubble and now that the profits are turning to losses, why
> the government must make up the difference with money taken from
> taxpayers.
>
> Whatever happened to our belief in the market?  

> investors made money, some lost, that was the nature of Capitalism.
> It seems we need a new philosophy to describe the basic nature of the
> economic system in America.  Phrases like Market Economy and private
> enterprise don't seem to describe what is actually taking place.