Today's Crisis, Not the Triumph of Socialism

On "The Corner", Andrew Stuttaford draws our attention to "Simon Jenkins, no man of the right, writing in the Guardian on the current crisis":

"Socialism is now cock of the walk, capitalism mugged by reality.

It is rubbish, total rubbish. Market failure has been compounded by brain failure of the discredited profession of economics, overwhelmed by journalistic wish-fulfilment and glee. The banks have not been "nationalised", just deluged with money.

They remain pluralist and competitive institutions, with independent boards. Their workers are not civil servants. Investors retain their shares. The bonus culture will revive. The impresarios of greed have been punished, or at least a few of them. But this is not socialism in our time, just public money hurled at the face of capitalism."