Thursday, July 10, 2008

Capitalism – Are we at the end?

E J Dionne writes an excellent article about how foundation of American Economic Story – Wall Street led Capitalism – is facing serious challenges.

Also Mark Gilbert writes an apocalyptic version of end of Capitalism.
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These are not some kind of academically argued papers, but for sure these are newspaper columns. Nevertheless, these are thought provoking columns and essentially capturing the zeitgeist.

Sure enough, tomorrow or over week end we will get Wall Street Journal running articles singing paeans of Capitalism. Well, WSJ did so when some criticized starting of Iraq war too… But I am digressing. Point is we all know this now - all that was to be unfolded from Regan era Economy orthodoxy, it is unfolded including misery and there is nothing left.

When a simple non-politico upstages presidential candidates by way of offering Pickens Energy Plan ( ); we know that both party candidates are missing any intellectual capacity to address the tsunami of economic bad news unfolding. One just has to compare how Obama campaign seemed to suck all oxygen from Media when it was engaged in extremely competitive primaries. Now that primary elections are over and both candidates have their tables full by daunting challenges of today’s America; both these candidates and their billion dollar campaigns look ‘pygmy’ - incapable to provide any leadership or ability to lay a path to navigate America through difficult times. Worse, both seem at times clueless and criminally engaged in celebrating their nomination success (how big should be the crowd at my coronation or which is the most sexy European place to give my next speech). May be we should not confuse winning the election and solving our problems. These two candidates will do what it takes to win the election – any problem solving of America is just incidental!

Which means, somewhere deep down, Americans need to come together on their own to find ‘light’ from today’s pitch darkness. Our politicians – well, not a good stock; it sinks and stinks.

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