The Death of Capitalism

Adam Smith must be turning over in his grave.

In the wake of the US financial meltdown, as our economy teeters on the brink of its second Great Depression in less than 100 years, it looks like "nationalization" is the buzz word of the day. The Bush administration has ushered in the new age of a socialized United States by inviting the other members of the G-7 to Washington DC to participate in a brainstorming session to stifle the current calamity that has financial markets across the globe reeling.

Bush and Treasury Secretary Henry Paulson have devised a new scheme to buy up parts of US banks to ease the bloodletting. This was part of a larger plan that the Bush administration and the other members of the G-7 developed to ease credit woes and to flood the world economy with cash. Mark Zandi, chief economist at Moody's Economy.com, said he believed that fears will be eased as markets "stabilize" as long as the new programs produce positive results in getting credit flowing again. "At this point, policymakers have said a lot and done a lot. Now markets will want to see whether it will work," Zandi said.

This appears to be one more reason that the myopic Bush Doctrine is an abject failure and why a vote for McCain is a detrimental decision for any voter. Four more years of policies that are designed to benefit everyone but the US taxpayer may very well bring this once great nation, and the world, to its knees.

The Wealth of Nations, indeed.