Socialism without the ownership.

Today both Delta and Northweast Airlines filed for Chapter 11 bankruptcy. This move was entirely unexpected after the ruling that United Airlines (which has been operating in Chapter 11 bankruptcy for three years now) was allowed to shift their pension obligations to the government pension agency.

It seems that few people realize what this means. It means that a company that has enriched numerous stockholders and upper management personel decided to not honor about $5 billion in obligation to their past and present emnployees. So, who is going to pay for these employees? As it turns out, it is not the multiple millionair managers, nor the past or present major stockholders who until the bankruptcy reaped the benifits. Nope. It's the general taxpayers who will come up with that money.

Just let this one sink in. Why would an airline teetering on the brink of bankruptcy not chose this road? United Airlines got an instant government subsidy of $5 billion. If I was running Delta or any other airline I would want in on the gig as well.

So this means that for companies here in the US of A we actually decided to move away from fierce capitalism and formed this new mix of capitalism and socialism. Of course with all the benefits of capitalism and socialism going to the owners of the large corporations. While profit and ownership still lies with a very exclusive minority (the very rich, the stinking rich and the filthy rich), losses and debt get evenly distributed to the general taxpayer.