Capitalism FTW! The current crisis, far from being a failure of capitalism is actually a major success of capitalism. Because, despite contrary to the best efforts of some people, the market place has not been hoodwinked and is currently, of its own volition, revaluing assets inline with their true values. That isn't to say that this readjustment won't be painful, for some people it will, but that is not the fault of capitalism but the fault of people playing silly buggers.
It's satisfying reading an article on this subject by someone who (seems) to know what they are talking about. I've been hearing so many opinions from so many different sources, but few seem to really understand the big picture of this issue; no doubt because it is very complex.<p>I found an interesting connection made between the internet bubble and the housing bubble caused by interference from the Fed (the source has a capitalist bias):<p><i>"Injections of liquidity to stop the meltdown in the wake of the failure of Long Term Capital Management fueled the internet bubble. Injections of liquidity to avoid a market crash when the internet bubble burst fueled the housing bubble. Now, following the bursting of that bubble, the Fed is making historically huge amounts of credit available to keep the economy afloat."</i>
<a href="http://www.atlassociety.org/cth-43-2085-credit_crisis.aspx" rel="nofollow">http://www.atlassociety.org/cth-43-2085-credit_crisis.aspx</a><p>Another piece of the puzzle.
Capitalism will succeed only when race to the bottom is prevented in rest of the world <a href="http://en.wikipedia.org/wiki/Wage_slavery" rel="nofollow">http://en.wikipedia.org/wiki/Wage_slavery</a>