Sep 23, 2008

Question: End of American Capitalism?

I asked this a few days ago, and now I'm asking again.
Are we witnessing the end of American capitalism?

First we're going to bailout banks and brokerages firms. Next it will be our failing auto industry. Then it seems likely that the next president will nationalize health care. The next president will be a retro-president. 70's. But is it going to be Ford or Carter? Either way, a janitor after the party.

For almost thirty years, the conservative revolution led by President Reagan ushered in a new era of capitalism that created wealth and a standard of living never seen before. Now, as a failed president Bush and an even bigger failure of Nancy Pelosi's Congress signs the bailout, it looks like that prosperity is crashing to an end. Failures + Fail = Epic Fail. How can we loose?

What's going to replace it? FDR-style socialism that makes people more dependent on the government. Big taxes, big unemployment. Ah, the 30's without Prohibition. What fun!

Do you believe this is the case, what's the real cause, who's to blame, and what can be done before America becomes France?


cthulhu said...

You are forgetting three key components of this timeline:

1. Reagan cuts all government-backed science research. You know, into BS topics like wind power, electric cars, AIDS research--all those faggoty things that only pinkos care about

2. With de-regulation, the Savings & Loans of Ahmurrika--not really banks--went under because businesses failed and the government helped them out.

3. We repeated a mistake made in the 80's (de-regulation) and the same thing happened again; i.e. Business acts with no external forces, fails, and then must be saved by the government that was not allowed to control it.

There's this theory of entropy & equilibrium. Folks should totally check it out.


RushSays said...

People like Chris "Countrywide" Dodd should be answering questions, not asking them. Secretary Paulson (a Democrat like all these big banks) could have been tougher. These Democrats demand accountability - they are responsible.

Hillary flat-out lied in excusing her husband's role in creating this mortgage mess.

This is history revisionism. Robert Rubin, Clinton's former treasury secretary and now an Obama advisor, undercut Obama's line of attack that Phil Gramm's bill (which Clinton signed) caused this mess.

Anonymous said...

For a thorough explanation of how we arrived at the current situation, spend some time with the following article. It's lengthy but worth it...

And yes, it's on dailykos, one of Blasphemes' most hated sites, but it does get to the heart of the matter and lay it out for all to see.

cthulhu said...


Are you referring to my post, or are talking about the "liberal left 'mainstream' media"s coverage of the issue?

I'm just curious, because I remember in a history class being taught about the S & L bailout and the perils of de-regulation.
Then there was the energy adviser to J. Carter who talked about the plans they had in place before the loss to Reagan in "Who Killed the Electric Car?"

According to Wikipedia, the S& L crisis began in the Carter administration, so there's that. I'll give anyone with political leanings that.

My main point is that believing that the "invisible hand of the market" is up to controlling human greed, incompetence, and idiocy, is ludicrous, dangerous, and expensive.