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My goal is to post liberal talking points to combat those from the right.

Saturday, February 27, 2010

Capitalism is Like a Beast

Uncontrolled capitalism will ravage everything in sight and eventually turn on itself like it did in 1929.
Throughout history there never has been a successful government/economic system based on unrestrained capitalism.
Some people romantically think that capitalism is linked to democracy. Not so. Unrestrained capitalism always moves towards fascism.
In fact, throughout our history there has been a largely antagonistic relationship between democracy and capitalism. Supreme Court Justice Louis Brandeis commented, “We can have democracy in this country, or we can have great wealth concentrated in the hands of a few, but we can’t have both.” Moneyed interests (capitalists) have been opponents not proponents of democracy.

In the late 1930’s capitalism was brought under control and this country had 50 years of prosperity. The greatest middle class the world had ever seen developed. Zero bank failures. And during that time, capitalists still flourished if they had a product or process that was successful. Then in the 1980’s when many of the generation that suffered thru the Depression were dieing off, the capitalist with favorable government support, started to undo the restraints on capitalism. The result was our debt rose, unemployment rose, the standard of living of the middle class started a free fall, banks failed, and the wealth of the top 1% skyrocketed. And then came 2000 when capitalism went on steroids. Between 2000 and 2008 while huge fortunes accrued at record rates, an additional six million Americans sank below the poverty level; median family income declined by over $2,000; consumer debt more than doubled; over seven million Americans lost their health insurance, and more than four million lost their pensions; meanwhile homelessness increased and housing foreclosures reached epidemic levels.

Sadly it appears that the current administration can not stop this free fall into the next Great Capitalist Depression.

I used info from Michael Parenti and DU's Time for Change

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