Granted, you might prefer to take with a grain of salt anything Hugo Chavez says, but it is amusing (because it is so biting) to hear him welcome President Bush into the realm of socialism. Cue Bloomberg:
I nationalize strategic companies and get criticized, but when Bush does it, it's OK," Chavez said on weekly television program Sept. 21. "Bush is turning socialist. How are you, comrade Bush?"
We've maintained for the last week that there is nationalization and there is Nationalization and that the "financial press" seems to enjoy using both interchangeably. When the Treasury forcibly seizes Barclays assets and takes its time paying $0.04 on the dollar, we'll revist. Still, till then, it's beyond amusing when Chavez scores a point.
Lula, Fernandez May Mock U.S. at UN After Financial Turmoil [Bloomberg]