Banks and big corporations can't seem to go 2 weeks without needing to be bailed out. Why are we bailing out these people anyway? Isn't the whole point of the economic competition? How are we suppose to have, say, better and faster internet if Comcast keeps getting bailed out?
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Socialism specifically focuses on "means of production, distribution, and exchange", you can live in a Socialist community and still own your own things.
Of course there are different types and different tenets of socialism. A society can have pvt property and follow other aspects of socialism but it doesn't make it a true socialist society. But that's just my take on.