The New York Times almost gets it right: Obama’s Ersatz Capitalism What the Obama administration is doing is far worse than nationalization: it is ersatz capitalism, the privatizing of gains and the socializing of losses. It is a “partnership†in which one partner robs the other. Close but no banana. It is crony capitalism, which at its more socialist extreme is fascism, the corporate state, where business and the citizen are subjugated to the state, to the benefit of the …