Wednesday, July 31, 2013

PAUL FARRELL: 4 reasons capitalism is morally bankrupt, dying

http://www.marketwatch.com/story/4-reasons-capitalism-is-morally-bankrupt-dying-2013-07-31?dist=beforebell

 America’s big banks are self-destructing

Warning: “Capitalism as we knew it is dead.” What an indictment: “Capitalism ... dead.” Just a few years ago. A grabber in the Economist. But even if Wall Street banks ran that message as a public admission, in flashing neon lights racing around Morgan Stanley’s Times Square ticker every day for the past three years ... it wouldn’t matter.
Adam Smith
Why? Wall Street has lost its soul, has no sense of public responsibility, cares little about the rest of America. Adam Smith’s “The Wealth of Nations” established capitalism with a moral code for economic behavior, a secular theology in the Age of Reason.

Once a moral code for individuals and nations, capitalism has been distorted, manipulated and degraded by our too-greedy-to-fail banks, the Goldmans, Morgans and their co-conspirators who now care only about making short-term profits for a narrow base of shareholders and insiders, with no care for America as a whole. 

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