Posted on 10/20/2009 6:47:43 AM PDT by SeekAndFind
ARROYO GRANDE, Calif. (MarketWatch) -- Jack Bogle published "The Battle for the Soul of Capitalism" four years ago. The battle's over. The sequel should be titled: "Capitalism Died a Lost Soul." Worse, we've lost "America's Soul." And worldwide the consequences will be catastrophic.
That's why a man like Hong Kong's contrarian economist Marc Faber warns in his Doom, Boom & Gloom Report: "The future will be a total disaster, with a collapse of our capitalistic system as we know it today."
No, not just another meltdown, another bear market recession like the one recently triggered by Wall Street's "too-greedy-to-fail" banks. Faber is warning that the entire system of capitalism will collapse. Get it? The engine driving the great "American Economic Empire" for 233 years will collapse, a total disaster, a destiny we created.
OK, deny it. But I'll bet you have a nagging feeling maybe he's right, the end may be near. I have for a long time: I wrote a column back in 1997: "Battling for the Soul of Wall Street." My interest in "The Soul" -- what Jung called the "collective unconscious" -- dates back to my Ph.D. dissertation: "Modern Man in Search of His Soul," a title borrowed from Jung's 1933 book, "Modern Man in Search of a Soul." This battle has been on my mind since my days at Morgan Stanley 30 years ago, witnessing the decline.
Has capitalism lost its soul? Guys like Bogle and Faber sense it. Read more about the soul in physicist Gary Zukav's "The Seat of the Soul," Thomas Moore's "Care of the Soul" and sacred texts.
But for Wall Street and American capitalism, use your gut. You know something's very wrong: A year ago "too-greedy-to-fail" banks were insolvent, in a near-death experience.
(Excerpt) Read more at marketwatch.com ...
The thing is, we “got out of the way” of the banks and financials markets, and they proceeded to turn themselves into insolvent leviathans that threatened our whole financial system. Go figure.
Yeah, just like AIG when credit default swaps were exempted from regulation.
The problem isn't just government. It is a near-complete lack of morality from those in charge at just about all levels of society.
Baloney. The gov has been the problem for a long time now. It hasn't been out of the way for at least 50 years.
Ya. Sure thing.
BULLSHIT.
Capitalism is what happens naturally in the absence of any system at all.
Freedom was a great ride. Now the commies are in charge. The way Lenin wanted it.
I’m sure taking religion out of the public square and the public skrewls 40 years ago had nothing to do with this. Undoubtedly a mere coinky-dink.
People put money in banks, and accept a lower return, because of the government guarentee. Without the governmednt guarentee, the banks would have to pay a higher interest rate, and depositors would have to assess the risks. As it is, there is no risk to the depositors, only to the taxpayers, which may or may not be the same people.
This situation gives the bankers a license to steal.
“You mean allowing major banks to fail resulting in mass bank runs and deposits of ordinary citizens to be held WITHOUT government intervening is a good thing ?”
In 1920-21, there was a sharper, and steeper recession than the one in 1929. It was also much shorter, less than a year, because in 1920-21, the government did nothing, while from 1929 through the 1930’s, the government did something.
Exactly. I witnessed the phenomenon first-hand traveling around Shiite Iraq in 2004.
Many entities are stealing. People that bought properties without any intention of paying it back or don't feel like paying it back since the price dropped are thieves in my book. If we don't start honoring contracts, were finished..
“If we don’t start honoring contracts, were finished.. “
Amen
Sounds to me like you want the government to steal from the taxpayers and give it to those who were dumb enough to invest without looking.
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