It seems that the left is blaming the failure of the capitalist system for the current financial crisis. After all, the finance industry is the backbone of the American capitalist system, right? Yeah, as long as you consider an industry that the government centrally plans through the Fed to be capitalist in any way.
Now it appears that there is serious discussion to nationalize the banking industry outright. I just saw that CNN is running an article entitled “Why taxpayers should own banks.” If you just keep telling yourself there is no such thing as moral hazard it will go away, right?
