Socialism

Well, the bailout of Freddie Mac, Fannie May and AIG by US Federal Reserve had me thinking! I guess the middle path of socialism is the right way to go rather than extreme capitalism and communism!
I am happy that on twenty-sixth day of November, 1949 "WE, THE PEOPLE OF INDIA, having solemnly resolved to constitute India into a SOVEREIGN SOCIALIST SECULAR DEMOCRATIC REPUBLIC ", Under social equality, everyone has equal status and opportunities. Economic equality in this context means that the government will endeavor to make the distribution of wealth more equal and provide a decent standard of living for all.
Does this make sense to everyone or I am extrapolating illogically?