America does not have a choice other than nationalizing auto industry – Detroit and Wall street lead the charge in the transformation of America into socialism
Prithiv Nandi
Nov. 8, 2008

Bush and McCain called Obama a socialist. But it is they who first swallowed the pill of socialism by allowing $700 billion of nationalization funds for buying weak banks and helping them to survive.

House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid sent a letter to Treasury Secretary Henry Paulson urging him to assist the Big Three automakers by considering broadening the $700 billion Troubled Asset Relief Program to help the troubled industry.

America does not have a choice. The supply side economics has failed miserably. It is time for America to accept the downside of ruthless, regulationless capitalism and move into a mixed economy pattern championed by India and Brazil.

The White House has been reluctant to broaden the use of the $700 billion program, which was created by Congress just ahead of the election to improve credit flows and calm turmoil in financial markets incited by the downturn in the housing economy. But eventually it has no choice. GM, Ford, and Chrysler may shut down 70% of their factories and declare bankruptcies before the end of the year. The unemployment rate will jump to 12% by the end of January creating a bloodbath in the main streets of America.

Detroit and Wall Street leads the charge in the transformation of America into socialism

America does not have a choice other than nationalizing auto industry – Detroit and Wall street lead the charge in the transformation of America into socialism
Prithiv Nandi
Bush and McCain called Obama a socialist.
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