Read Hank Paulson's book "On the Brink." We socialized the American financial system under a Republican administration! George W. Bush, Hank Paulson and the Republican administration told top bankers in the fall of 2008, that "they would have to accept government investment for the good of the American financial system."
Hugo Chavez, Venezuela's socialist president, found this a stunning move. He said, "Bush is to the left of me now!, Comrade Bush announced he will buy shares in private banks. Viva La Revolution!"
America did DE-socialize the financial system under Obama.