Strategy Lab: Are we Economically Socialist?
October 24, 2008 8:01 am
From my latest MSN Strategy Lab journal:
Are we now economically socialist? Communists?
As the global economy struggles for a positive change during this financial crisis, it is apparent that the United States is having an identity crisis. Capitalism has long been the reason for the United States’ economic power. It has allowed our country to expand under creative ideals and allowed the free market system to determine who sinks or swims. Shouldn’t we still be employing these ideals?
With recent government intervention in American International Group, Washington Mutual and Lehman Bros. and the mass infusion of capital into the markets, many citizens should be questioning our economic decisions. Are we still a democracy, or have the Senate and House of Representatives been persuaded to vote in the direction of a few people in power, better known as socialism?
Just a few weeks ago we saw the House veto the bailout bill and then, a few days later, have a change of heart. What changed so drastically from one day to the next? A few details, persuasion from higher authorities or the feeling they were not fulfilling their patriotic duty? (There also could have been some persuasion from the $150-billion dollar sweetener that was added to the bill.) Are we, the American people, satisfied with this outcome?
Find out the answer to this important question as well as my latest stock picks/strategy HERE.