The Financial Times continues its series on "Capitalism in Crisis." We're getting a little tired of it. We were hoping at least one of the writers might tell us what the crisis was. Instead, we've gotten a variety of opinions; none offering much light on the nature of the crisis and several offering more darkness about how to make it worse. In yesterday's installment, for example, we discover that in 2008, "leaders of rich and rising nations sidestepped their differences to avert a worldwide slump." Really? If the writer had any appreciation for capitalism at all he'd know that the politicians did no such thing. Instead, they sidestepped their differences to prevent capitalism from doing its job. In 2008, after the fall of the House of Lehman, capitalism was aiming its wrecking balls at the House of BAC, the House of Deutschebank, the House of Goldman…and many others. But the feds stepped in...
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