The socialist roots of the global meltdown

Capitalism has been under heavy assault since the global financial meltdown (see Foster and Corcoran). And adding to the obfuscation, as usual, most of the political class of all stripes are only too ready to assign blame anywhere except government.

So it’s worth a reminder that the meltdown had its roots in government intervention. The following video is a replay of the actions of some key figures (including Barack Obama) in their own words:


That’s not capitalism at work, it’s heavy handed (but, as they always try to tell us, well intentioned) government intervention in the capital markets. It’s a classic example of why socialism does not and cannot work.

Also here’s Corcoran on Michael Moore’s new movie Capitalism:

... Bank robbery is a theme of the movie. In the latest issue of Vanity Fair, however, two veteran financial reporters tell a different story of how the banks were ordered to a meeting by Paulson who staged what they call a reverse bank robbery. "It was basically a reverse holdup, with Paulson holding the gun and forcing the banks to take the money." That’s statism, not capitalism. ...