The End Of American Capitalism?

Washington Post ^ | 10/10/08 | Anthony Faiola

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The worst financial crisis since the Great Depression is claiming another casualty: American-style capitalism.

Since the 1930s, U.S. banks were the flagships of American economic might, and emulation by other nations of the fiercely free-market financial system in the United States was expected and encouraged. But the market turmoil that is draining the nation's wealth and has upended Wall Street now threatens to put the banks at the heart of the U.S. financial system at least partly in the hands of the government.

The Bush administration is considering a partial nationalization of some banks, buying up a portion of their shares to shore them up and restore confidence as part of the $700 billion government bailout. The notion of government ownership in the financial sector, even as a minority stakeholder, goes against what market purists say they see as the foundation of the American system.

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"If you look around the world, China is doing pretty good right now, and the U.S. isn't," said C. Fred Bergsten, director of the Peterson Institute for International Economics.

Baloney. China has stopped importing gasoline because they cannot afford to drive cars. And if the author of this article wrote in Beijing "The end of Chinese Communism?" he'd be put in jail, or worse. No matter how bad it gets in a communist dictatorship, you do not read about it in the press -- no one is allowed to even talk about it.

The record of his campaign shows Barak Obama would like the same kind of oppression here in the United States. But it was the government meddling in real estate markets, supported by Obama's "community organizing" in the name of "affordable housing", that started this crisis.

And, so much for that bailout. Ronald Reagan was right when he said, "In this present crisis, government is not the solution to the problem, government is the problem".

[The Duke]

I’d settle for the death of Crony Capitalism.

[xcamel]

Oh yeah.. they’re on the “Big Lie” treadmill already...

[ari-freedom]

the real casualty is govt intervention...because it’s not working!

[stockpirate]

Bush is a socialist lackey. He should be impeached for treason, tried and hung, along with Paulson and members of congress.

Stop the communist/socialist takeover.

[Kozak]

the real casualty is govt intervention...because it’s not working!

Uh huh. And you don't suppose Bambi and his pocket congress won't launch NewDealNewFrontierGreatSociety 2.0???

[AIM-54]

It’s not capitalism that caused this mess.

Our economy is a casualty of governmental social engineering.

[IbJensen]

Thanks to the liberal pansies who have ruined our life savings, refuse to drill for AMERICAN oil, Communism is winning.

A Barack HUSSEIN Obama win in November will be the icing on the Marxist cake!

Revolution?

[olezip]

Since the 1930s, U.S. banks were the flagships of American economic might, and emulation by other nations of the fiercely free-market financial system in the United States was expected and encouraged. But the market turmoil that is draining the nation's wealth and has upended Wall Street now threatens to put the banks at the heart of the U.S. financial system at least partly in the hands of the government.

Our system would still represent free enterprise if the government had not meddled in our banks. Government intervention has derailed our free enterprise system. We may never untangle the resulting "train wreck."

[Coldwater Creek]

I would just settle for high gas prices. We never know when we're well off.

[Coldwater Creek]

I guess that you’ve got the answer to this crisis?

[Coldwater Creek]

It’s a ton of stuff. The perfect storm.

[PowderMonkey]

“Baloney. China has stopped importing gasoline because they cannot afford to drive cars...”

Nailed it. Clowns like C. Fred Bergsten were in ample supply during the great depression, convincing the none-too-bright to abandon the U.S. and emigrate to a new and bright future in the socialist workers paradise known as the Soviet Union. Every last mouth-breather came to regret that move. Reagan was absolutely right. Government is indeed the problem.

[LibLieSlayer]

NOT WITHOUT A FIGHT!

LLS

[DaveTesla]

The lack of party unity is what will put the communists in power.

Since Jesus Christ is not running I guess Obama will have to do.

[stockpirate]

The conservatives offered a better free market plan. Over 100 top economists supported it and opposed the Paulson plan.

The socialists will now use any profits to further fund their agenda, just as they tried to insert a 20 billion slush fund in the bailout bill to ACORN and related groups.

In other words the Democrat Liberal Paulson just engineered a socialist takeover of these businesses.

[NoControllingLegalAuthority]

China is a mess. I know someone who lives there. It is no shining example of prosperity.

It's like looking at a poor farm family during our Great Depression and saying, "They seem to be making it OK."

[unspun]

Who coined the term, “capitalism” anyway?

The correct term is “economic freedom.”

[DoughtyOne]

One can actually visualize the glee in the Washington Post management meeting room these days. Just that headline alone makes me think they're wringing their hands and saying, “Really, do you think? Oh I hope so.”

Pravda on the Potomac...

[johnny7]

“Swing by the bank... I gotsta' to close on my McMansion today.”