What would a socialist approach to the financial crisis look like? I don't hear Obama suggesting ANYthing like this.
http://www.wsws.org/articles/2008/oc...soci-o15.shtml
Emergency measures would be taken to transform the great banks, hedge funds, insurance companies and financial houses into public utilities. They would be placed under the democratic control of the working class, with safeguards for the savings of small depositors. Their resources would be used for productive and socially useful purposes and to alleviate the suffering of the population.
Trillions of dollars would be allocated to rebuild the infrastructure, provide new and high-quality housing, improve education, provide universal health care and access to higher education, and clean up the environment. Everyone would be guaranteed a job and a decent wage. The workweek would be reduced, with no loss in pay, and wages would be fully indexed to account for inflation.
The tax burden would be shifted from the working class to the richest 10 percent of the population.
There would be a full and public investigation into the activities of the banks and financial firms and the books of all major corporations would be opened to public inspection.
The wealth of financial industry executives and large stockholders would be appropriated, and they, along with their servants among the political elite, would face criminal investigation for the plundering of the economy that has led to the current crisis