Biden On The Bailout: 'Socialism For The Rich"

Is that what Republicans mean when they call President Obama a "socialist"?

in reference to:

"In an interview with Jon Stewart on Comedy Central's The Daily Show Tuesday evening, Vice President Joe Biden acknowledged the anger and frustration many taxpayers feel over the way financial institutions seem to have favored status in Washington D.C. Pointing to the hundreds of billions of government dollars that have been spent to keep banks from failing, he recalled a "great expression" of his grandfather, Ambrose Finnegan: "It's socialism for the rich and capitalism for the poor," Biden said. But he defended his administration's decisions to rescue Wall Street institutions from the brink of failure. "Because if we did not bail them out, we would have been in a position where there was a literal depression, not a recession.""
- Biden On The Bailout: 'Socialism For The Rich And Capitalism For The Poor' (VIDEO) (view on Google Sidewiki)