He is making an analogy it seems to me, rather than trying to redefine socialism as bad loans subsidized by taxpayers. The point isn't that they are the same, b

He is making an analogy it seems to me, rather than trying to redefine socialism as bad loans subsidized by taxpayers. The point isn't that they are the same, but that they are the same in a way. The way the are they are the same was left up to readers rather than being made explicit but I think the idea is that people are much better at allocating their own money than allocating other peoples' money. A fair point it seems. Of course the 2008 crash was about credit default swaps too as I recall. Mostly private sector failings.