He makes a claim in the title, but never argues about it.
Here is a summary:
-I like the bailouts
-Socialism is bad
-Capitalism is good
No where does he say anything about why anything is not socialism, let alone 'us'.
Here is a summary:
-I like the bailouts
-Socialism is bad
-Capitalism is good
No where does he say anything about why anything is not socialism, let alone 'us'.
He says that the government taking control of the banks isn't socialism. Instead it is a fundamental aspect of capitalism that when equity holders can't repay creditors, the creditors become the owners of the company. Due to the unusual structure of banks, the government becomes the owner. Even though the government ends up owning the bank it is not socialism because of the mechanism through which that occurred.
(By the way, I support taking over the banks due to their unusual structure, the systemic risks they represent but do not properly account for due to a tragedy of the commons problem--where the commons is the system they are a part of--and for other reasons. I just don't think its not socialism.)