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It was not capitalism that caused this recession, but government. The real estate bubble was caused by government housing subsidies and affordable housing policies.
NO - let’s forget Condi.
It’s too bad this sage advice is not coming from the
current administration.
Actually, I had forgotten her altogether, although I liked her a lot initially, before it seemed that she too had been terminally corrupted by RINOitis and was even more of a RINO than her boss.
She’s a very smart woman and I hoped that she might be President one day...until her inner RINO emerged, at which point I lost interest.
I think Rice’s biggest problem is that she’s pro-abortion, and I think this is the thing that has prevented her from really confronting the Dems as she should have. She could demolish them intellectually. But she’s in thrall to them over the abortion issue.
It’s more of a spiritual crisis than an intellectual crisis.
CAPITALISM requires.......capital. We have been a Debt-Based Capitalist System since 1971 when we began borrowing money to fund our monthly deficits. Instead of dealing with insolvency which occurred before we actually got out of the war, we simply began to borrow. Then with the advent of proprietary credit derivatives, banks gradually, from the nineties to the present, overleveraged themselves fatally for the nation. Capitalism was never at fault. Now, greed of banks for proprietary derivative profits which had nothing to do with the economy has been dumped on the taxpayers beyond their desire or capacity to pay. The US now demands the World loan the US more than it has or desires to loan. The Fed and Goldman Sachs (derivatives centered here under Paulson and spread to all other major US banking institutions) were seminal to the origin of the problem.
Now, Volcker states that the derivative exposures must be brought to light,...lots of luck!:
http://www.senseoncents.com/2009/09/volcker-launches-bombshell-on-wall-street-and-washington/
Also, here is a 4 page article by Henry Liu on the origin and destruction of debt-based capitalism:
http://www.atimes.com/atimes/Global_Economy/JG22Dj06.html
And, finally, the current status of the US GDP and Debt problems a few days ago by Denninger...a short and detailed piece of consequence:
http://www.youtube.com/watch?v=m1VbGcaVvFM&NR=1&feature=fvwp
Capitalism did not fail...our Central Bank, derivative promotors exceeding 10:1 leverage levels failed, politicians failed by eliminating the laws which had existed to prevent the derivative speculations form occurring and allowing them to proceed...it was Clinton time then.
...defended American-style capitalism against charges that it led to the global economic meltdown.for "capitalism" read "market based economy".
No thanks...condi is an arabist rhino. Long forgotten already.
Capitalism is a Marxist pejorative against liberty. We should say freedom failed. Then it would be obvious to people that the alternative is slavery. Is that what you want? (not you, but the other idiots)