Why Only Bush Could Bring Socialism To America

Bryan Caplan explains. I've said it before, but those libertarians and free market conservatives who supported George W. Bush will have a lot to answer for.

Bryan's co-blogger, Arnold Kling, writes:

Bernanke and Paulson don't think of what they are doing as charity. It's more like an entrepreneurial business, where they intend to buy what they think are undervalued mortgages assets, which they believe they can finance profitably.
They may be right, but if they took their business plan as written to any bank or VC, they'd be laughed out of the office. The plan is utterly vague, untested, and there is no proof that they have or can find the executive talent needed to run a pilot program of this kind, much less scale it up to $700 billion.