Meanwhile, he makes sure the private sector won't play ball by going after their bonuses, sending an implicit message to the other executives on Wall Street that reads: Stay away.

Even when he takes over the banks, as he almost inevitably will, he is going to have to dress up the nationalization as a temporary measure forced on him by the economy and the previously unrealized depth of the problem. He will cite the example of Sweden, where the government nationalized the banks only temporarily and returned them to private hands quickly.

You can't be for nationalization. But Obama hopes to accomplish it nonetheless.

Already, in the TARP and TALF programs, we can see how eager he is to use government power to manipulate the once-private sector. Consider the mandates piling up on any financial institution that takes government funds: limits on executive pay, corporate travel and conferences; a strong Buy American recommendation; and aggressive action to get them to make consumer loans. Can affirmative action, low-income lending and diversity outreach be far behind?

If Obama can bring banks and the healthcare industry under government control, we will have de facto socialism. Is this Obama's goal? It is obviously where he is headed.

Is Obama a socialist? Rather than throw around labels, let's do the math. The best measure of whether an economy is government- or private sector-oriented is the percentage of the gross domestic product (GDP) that flows through government expenditure. Before the current fiscal crisis, the major nations stacked up as shown in the chart on page 27.

Obama's stimulus package, alone, comes to about 6 percent of GDP, vaulting the United States past Japan to 40 percent on the list above. If we add in the extra spending in the supplemental appropriations bill and the likely increases for healthcare, the total government percentage will rise well past 40 percent and probably close in on the United Kingdom's 43.

That's pretty socialistic, but Obama has three more years to get us up around Germany and really ruin our economy!