Turnaround is fair play?

For the longest time, people on the right used the corrupt and -- dare I say -- Russian Soviet Union to refute ideal visions of Socialism. So what's wrong with people on the left claiming that the collapse of the Government supported housing market shows the dangers of unfettered capitalism?

The real danger is a socialism with a capitalist face -- where clever capitalists arbitrage inefficiencies created by government and then use their wealth and alpha status to ask the government to continue to help them.