CNBC Analysts: Wall Street Bailouts Mean ‘Socialism,’ ‘Communists’
‘Mad Money’ host Cramer says government has engaged in Marxist philosophies after AIG bailout.
By Jeff Poor
Business & Media Institute
9/17/2008 12:01:16 PM
The federal governmentâ€™s intervention and prevention of the collapse of American International Group (AIG) represents an acceptance of Marxist philosophies, according to some CNBC analysts.
â€œThey never made the real calls, they never made the tough decisions,â€ CNBC â€œMad Moneyâ€ host Jim Cramer said on MSNBCâ€™s â€œMorning Joeâ€ September 17 of financial leaders.
â€œTheir ideology was such they believed everyone should own a home including people who were deadbeats and had no right to own a home. They were anti-regulation. Now we have spent $900 billion bailing out these institutions and in a twist on what Nixon said after the seizure last night of AIG and Fannie Mae â€“ weâ€™re all communists now.â€