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The Stalls of Higher Thought

Rethinking Capitalism

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This is one of many comments in a Huffington Post article about the future of Capitalism By Maya Rockeymoore Cummings

Eighty years after the Great Crash, skyrocketing unemployment, rising foreclosure rates, and exploding national debt indicate that our country has failed to learn important lessons from the past.

Wall Street, the federal government and the mainstream media tell us that things are not as bad as they seem. We hear terms like “jobless recovery”, but Americans across the country can tell you that if there are no jobs, there is no recovery. The very engine that drives the U.S. economy — the American workers — is fundamentally broken.

We got here through capitalism run amok, driven by anything-goes bankers and Wall Street charlatans. After a series of bursting bubbles, Wall Street got a helium injection from the largest transfer of public wealth our nation has ever seen. Too-big-to-fail banks got over by capturing the institutions and levers of government, perverting the will of the people and nullifying our democracy in the process.

We have reached an inflection point as a society. We must stand up or risk being steamrolled into a corrupt oligarchy. We must rethink capitalism. This is not about a socialist, fascist, or communist agenda. It is about confronting free market fundamentalists. It is about regulation without apology. It is about protecting people from fraud. It is about building wealth and security for American people of all backgrounds. And about creating transparency in our financial institutions and our democracy.

We can achieve a fair, balanced and just economic system. But we must pound on the doors of our democratic institutions to make it happen.

Braintruster Maya Rockeymoore Cummings is president and CEO of Global Policy Solutions. More

Photo by Clemson

Written by mattliving

October 29, 2009 at 10:36 am

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