The Socializing of the Economy Continues

Treasury officials say the just-passed $700 billion bailout bill gives them the authority to inject cash directly into banks that request it. Such a move would quickly strengthen banks' balance sheets and, officials hope, persuade them to resume lending. In return, the law gives the Treasury the right to take ownership positions in banks, including healthy ones. [Source: International Herald Tribune]

1) An interesting (and self-serving) interpretation of the Act. Nobody in Congress envisioned buying direct stakes in banks. The bill was supposed to be about buying securities from their portfolios.

2) When in history has socializing an economy ever made anything better?