When a government socialiszes something, it means that it is incurring a cost to do something, and that cost is transferred to the taxpayer. Northern Rock in the U.K. is an excellent example and illustrates The Economic Incompetence of Socialism.
The Wall Street Journal reports on the attempts by banks to get government to "socialize" some of the risk THEY took on:
"The banking industry, struggling to contain the fallout from the mortgage debacle, is urgently shopping proposals to Congress and the Bush administration that could shift some of the risk for troubled loans to the federal government."
Nice business to be in, this banking business. If going to school was anything like banking, nobody would fail, no matter how dumb you are.