If enacted, the financial bailout bill will result in the biggest step toward socialism — and largest transfer of wealth — in American history.

Taxpayers will bail out hedge funds, financial firms and holders of mortgage-backed securities owned by affluent investors, who made bad bets on mortgage loans and real estate. Debt and money czars (Treasury Secretary Henry) Paulson and (Fed Chairman Ben) Bernanke say the economy will implode if the bill is not hastily passed. Yet, the economy is not in recession, the stock market closed Monday down 7 to 9 percent, and there are no bank runs.