Is President Obama a socialist?

Jay Tea posting in Wizbang seems to think he is. And he has some background explaining why.

Think Pink
As of the first quarter of this year (the most recent numbers I could find quickly), 96.5% of all new home loans were backed by the federal government.
But Barack Obama says he is not a socialist.
Mr. President, you say you're not a socialist. And I want to believe you.
But it would really, really, really help if you'd stop acting like one.

This is the last paragraph of a long post, go read it all.