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Politics : President Barack Obama
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To: RetiredNow who wrote (103573)10/28/2011 9:26:03 PM
From: tejek  Read Replies (1) of 149317
 
several years ago, I cancelled my subscription to the Wall Street Journal. It had become a mouthpiece for the fanatical elements of the far right, after Murdoch bought them. The newspaper I've never stopped reading is the New York Times, partly because they have writers like Tom Friedman, but also because even though they have a slightly liberal bias, they just do damned good reporting. Here's an article from the NYT by an author that I think really gets it. He understands that what is wrong with capitalism in this country is that it has become CRONY capitalism. That doesn't mean we should turn to socialism, which history tells us is a far inferior economic construct, which leads to an impoverishment of countries and ultimately the inability to make good on socialist promises. But what it does mean is that we need to restore the consequences of bad capitalist decisions. We can't let private/public collusion (cronyism) create a free pass for those who took too much risk. They need to be allowed to fail. In short, we need to take the crony out of crony capitalism and get back to regulated capitalism, which is what made this country great. THAT is what Occupy Wall Street is about, as this author so correctly points out.

Can I just say while I am not necessarily a proponent of socialism there are aspects of it that are very beneficial. I would also like to point out that few nations in this world have practiced true socialism. The Euros and Israel have some elements of it. Cuba has more of it. But just as you suggest the US practices crony capitalism; many nations that have been called socialistic practice/ed crony socialism.

The one thing I can agree with you on readily..........American capitalism has become sick and needs to be modified so it benefits the little guy more.
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