Friday, October 10, 2008

The Death of American Capitalism?

David Boaz, executive vice president of the Cato Institute, evidently saw the same story questioning American capitalism that I did this morning. His response?

Of course, if this crisis leads us to question “American-style capitalism” — the kind in which a central monetary authority manipulates money and credit, the central government taxes and redistributes $3 trillion a year, huge government-sponsored enterprises create a taxpayer-backed duopoly in the mortgage business, tax laws encourage excessive use of debt financing, and government pressures banks to make bad loans — well, it might be a good thing to reconsider that “American-style capitalism”


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