The End Of American Capitolism?

As our economy continues to enter a financial crisis, the economy is in the worst condition it has been since the Great Depresssion, the reasoning might be because of "American-style capitalism." The fee-market economy and financial system Americans have use to be encouraged but our nation's wealth is draining.

The Bush administration is thinking about buyuing up portions of shares to restore our economy with the $700 billion bailout plan, which has been the topic of discussions for several weeks since Bush announced his idea. If they did this it would be nationalizing some banks, and going against what many see as the "American System." But the current administration feels that there is no other option.

"'People around the world once admired us for our economy, and we told them if you wanted to be like us, here's what you have to do — hand over power to the market,' said Joseph Stiglitz, the Nobel Prize-winning economist at Columbia University. 'The point now is that no one has respect for that kind of model anymore given this crisis. And of course it raises questions about our credibility. Everyone feels they are suffering now because of us.'"

Even other countries find themselves wondering how the United States economy could be so weak? Despite everything that is going on with our economy people do not seem to be conserned about the death of capitolism but they are encoraging free-markets because the free-market economy has helped "lift hundreds of millions out of poverty in recent decades."

The United States crisis is global, Strauss-Kahn mad a slide show shoing the global impact of a finacial crisis. Because of this i think that we as americans citizens, should be concerned about the economy of the whole world. Its not just the United States that is feeling this recession, but the whole world. Government officials everywhere should be brainstorming possible solutions to this recession. As it stated in the article we are in the worst economic situation since the great depression, and although we arent to that point, the economy isnt very well. When it comes to crisis' everyone seems to point the fingure at someone else just so you feel that you arent the one responsible. Currently that fingure is pointing at Capitolism.





http://www.msnbc.msn.com/id/27112481/