Saturday, December 31, 2011

The Dysfunction of America (1): The Rule of Greed

A Canadian perspective on greed in America:

The U.S. economy remains the most powerful, creative and dynamic in the world, but it faces major difficulties. No longer is it a true capitalist free-market system. It has become a gigantic welfare state whose prime beneficiaries are the rich and major corporations.

Think of the legions of millionaire lobbyists in Washington; the shuttle-bus-type ferrying of people back and forth between senior Washington positions and executive suites in the business world; the enormous subsidies paid to myriad industries, including agriculture; the complex loopholes that render the tax code incomprehensible to all but the beneficiaries; the deregulation of the financial system that led to the crisis of 2007 and 2008, followed by the trillion-dollar bailouts; and that’s to say nothing of the dramatically increasing inequality of income distribution.

Greed may be good, as Gordon Gekko famously declared in Wall Street, but it is good only for the rich.
Full article from MontrealGazette

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