So the U.S. government bailed out the insurance giant AIG. But we did not just bail it out by giving it a loan or guaranteeing its solvency. We bought 80% of its equity. So the U.S. government now essentially owns it. The government also “seized” ownership of Fannie Mae, which I admit was a strange sort of public/private hybrid. But when the state owns companies, isn’t that socialism? (Someone please correct me if I’m interpreting all of this incorrectly.)
When the government owns companies
About Gene Veith
Professor of Literature at Patrick Henry College, the Director of the Cranach Institute at Concordia Theological Seminary, a columnist for World Magazine and TableTalk, and the author of 18 books on different facets of Christianity & Culture.