Comments on: Robert Reich says democracy is being snuffed out by the pursuit of profit: http://unbiasedtruth.net/2008/09/robert-reich-says-democracy-is-being-snuffed-out-by-the-pursuit-of-profit/ Daily Searching for the Truth Fri, 13 Aug 2010 03:07:01 -0500 http://wordpress.org/?v=2.8.6 hourly 1 By: American Design http://unbiasedtruth.net/2008/09/robert-reich-says-democracy-is-being-snuffed-out-by-the-pursuit-of-profit/comment-page-1/#comment-279 American Design Mon, 19 Jul 2010 23:38:44 +0000 http://unbiasedtruth.net/?p=148#comment-279 Since the 1930s, U.S. banks were the flagships of American economic might, and emulation by other nations of the fiercely free-market financial system in the United States was expected and encouraged. But the market turmoil that is draining the nation's wealth and has upended Wall Street now threatens to put the banks at the heart of the U.S. financial system at least partly in the hands of the government. The government's about-face goes beyond the banking industry. It is reasserting itself in the lives of citizens in ways that were unthinkable in the era of market-knows-best thinking. With the recent takeovers of major lenders Fannie Mae and Freddie Mac and the bailout of AIG, the U.S. government is now effectively responsible for providing home mortgages and life insurance to tens of millions of Americans. Many economists are asking whether it remains a free market if the government is so deeply enmeshed in the financial system. Since the 1930s, U.S. banks were the flagships of American economic might, and emulation by other nations of the fiercely free-market financial system in the United States was expected and encouraged. But the market turmoil that is draining the nation's wealth and has upended Wall Street now threatens to put the banks at the heart of the U.S. financial system at least partly in the hands of the government.

The government's about-face goes beyond the banking industry. It is reasserting itself in the lives of citizens in ways that were unthinkable in the era of market-knows-best thinking. With the recent takeovers of major lenders Fannie Mae and Freddie Mac and the bailout of AIG, the U.S. government is now effectively responsible for providing home mortgages and life insurance to tens of millions of Americans. Many economists are asking whether it remains a free market if the government is so deeply enmeshed in the financial system.

]]> By: Book Review: Supercapitlasm | Aligning Technology, Strategy, People & Projects http://unbiasedtruth.net/2008/09/robert-reich-says-democracy-is-being-snuffed-out-by-the-pursuit-of-profit/comment-page-1/#comment-22 Book Review: Supercapitlasm | Aligning Technology, Strategy, People & Projects Wed, 19 Nov 2008 08:03:25 +0000 http://unbiasedtruth.net/?p=148#comment-22 [...] Robert Reich says democracy is being snuffed out by the pursuit of profit: [...] [...] Robert Reich says democracy is being snuffed out by the pursuit of profit: [...]

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