Heard of Socialism with American Characteristics?

There is an interesting article by Joseph Stiglitz which speaks of American style of Socialism. Its unique features include

- Socialization of losses and privatization of profits

- Equating the bailing out of bankers and their shareholders with bailing out of banks

- Extension of corporate safety net- from commercial banks to investment banks, then insurance banks and automobiles while forgetting the ordinary citizens

- Bailing out the financial institutions which diverted the billions- intended to enable them to revive lending to payments of outsized bonuses and dividends.

As he states the ‘problem with America’s too-big-to-fail, too-big-to-be-restructured banks: they are too politically powerful. Their lobbying efforts worked well, first to deregulate, and then to have taxpayers pay for the cleanup. Their hope is that it will work once again to keep them free to do as they please, regardless of the risks for taxpayers and the economy.’

Is it time to redefine the rivalry of capitalists n socialists???