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Pittsburgh, Pennsylvania – November 19 –
I read in this article that the socialist government in Spain is expected to fall this Sunday. This does not mean that President Obama’s government will fall in November of 2012, but it sure is a good omen. Socialism and hence Marxism is a bad idea. This is just one more example of the failure of Marxism. The Bolsheviks, Lenin, Stalin, and the Soviet Union are classic examples of Marxist failure, but there are current examples on display. Spain is just one of them.
Mr. Zapatero’s Socialist party (PSOE), which has been in power for eight years, has borne the brunt of public blame for Spain’s increasingly perilous economic situation, which has tainted the party’s leadership candidate, Interior Minister Alfredo Perez Rubalcaba.
The situation is bleak for the eurozone’s fourth-largest economy. Spain’s growth this year is projected at less than 1 percent, and the unemployment rate hovers near 23 percent, meaning 5 million people are out of work.
Spain’s economy has suffered in the global credit crunch like other countries, but it bears problems that have pushed the country into more trouble: The housing and construction bubble, which had accounted for 18 percent of GDP, burst in 2008, and the savings bank sector has collapsed as well.
What’s more, the savings bank sector - run by private banks and politicians - heavily financed the real estate sector and made risky investments. Spanish authorities are investigating several of the failed savings banks on corruption charges.
So, were Barney Frank and the Democrats wise to cause risky mortgages to be made? Should banking be government controlled, or is government impotent, when it comes to common sense and management principles?
We are in a terrible economic situation, and Marxism has only made the economy worse, not better.
First, we saw what happened in the Soviet Union, now we see socialist economies falling like dominoes:
A PP victory on Sunday will mark the fifth time this year that Europe’s financial crisis has prompted the ousting of a government:
• Last week, the Greek and Italian governments collapsed under pressure from the EU and the financial markets.
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