Socialists: Rescue Plan's Not Our Bag

Far left thinks $700B bailout is just capitalism remixed
By Matt Cantor,  Newser User
Posted Oct 4, 2008 1:03 PM CDT
Speaker of the House Nancy Pelosi, D-Calif., laughs as she signs the historic legislation to bail out the financial industry during a news conference on Capitol Hill Friday, Oct. 3, 2008.    (AP Photo/Susan Walsh)
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(Newser) – Some on the right are decrying the $700 billion rescue plan as a step toward American socialism, but the real socialists beg to differ, the Wall Street Journal reports. “Bailing out the biggest financial corporations in the country is a far cry from what we have in mind when we think about socialism,” says the chairman of the Communist Party USA.

A socialist Congressional candidate agrees. “They can reorganize capitalism in different ways, and they will,” he notes. For people like him, the bill presents a chance to make a strong case for socialism. “It poses the urgent need for a revolution in this country that will throw the billionaire ruling families out of power and replace them with a workers and farmers government,” says a socialist presidential candidate.