Commentary: Capitalist abyss

Arnaud De Borchgrave (who is no leftie)

But no sooner was the Cold War over than all restraints were abandoned. In the 1990s Russia’s new capitalist system quickly morphed into Russian organized crime, which went global.

In the United States, democratic capitalism gradually morphed into casino capitalism and, more recently, bandit capitalism.

AKA theftocracy or plutocracy.

The bandit capitalism engendered since the end of the Cold War led inexorably to the subprime mortgage scandal that wound its way around the globe before the powers that be at the Fed and the Treasury Department realized this was the big enchilada that brought the United States to its financial knees.

Hundreds of thousands did not expect to be laid off without resources when they signed their mortgages. Most of them won’t be able to meet monthly payments of $1,500. The government will have to step in again to make sure millions more don’t go homeless.

FDR started a huge jobs program to stave off social unrest and revolution. Obama should do the same, and probably will.

As long as hedge funds and derivatives are protected against transparency, greed in the 21st century will continue to stampede democratic capitalism. This could be America’s last wake-up call before a repeat of the Great Depression.

The criminal class on Wall Street needs to go to prison. The government needs to make and enforce tough regulations to prevent further exploitation and theft by the super-wealthy.

We need a fair, equitable economic system. One that puts needs of people before profits. Sounds trite, I know. But even a right winger like Arnaud De Borchgrave is now saying we need change now – and it’s good that he is. He can influence people lefties wouldn’t get in the door with.