False, socialism is worker ownership over the means of production. India, for example, has (less so than now, so I suppose "had") a relatively planned economy, but it was still based on the capitalist mode of production.
Getting there, it's specifically "proletarian ownership" of the means of production, however.
Yes.
Firstly, Marxian socialism isn't just about being "fair". It's about solving the inherent contradictions of the capitalist mode of production:
The production process under capitalism has been socialized, yet its ownership and distribution are privatized: leading to problems.
And most people just build straw man arguments when talking about what type of equality they are trying to build.
This is very far from the rhetoric Obama used. The redistribution of wealth is necessary to any government type. That would be like saying that the New Deal was socialist, which is just false. The purpose of the New Deal was to preserve the capitalist mode of production. It involved much more government intervention than classical Liberals would have preferred, but the goals were not to place ownership of the economy in the hands of workers (and that is not what happened).
That's relevant because what Obama wants to do is not even close to the New Deal for example.
And the Bailout is far from socialist. I think everyone using the term needs to understand:
Government intervention in the market does not equal socialism by ANY actual definition of socialism.