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Crashed and Burned

This is becoming death by a thousand cuts. Even Alan Greenspan is now suggesting it’s time to start nationalizing the banks. What is the Obama administration waiting for?

The ugly reality that no one wants to talk about these days is that free market capitalism has crashed and burned. Republican economic policies of the last 28 years drove it to the edge of the cliff, at which point the Bush administration hit the accelerator and sent it crashing over the cliff. It’s now at the bottom of the canyon, busted up in a million pieces. And it ain’t going to put itself back together like so many Republicans would have you believe. It’s going to take the government — and a lot of government at that — to re-build it and get it back in to working order. And hopefully put in all the necessary safeguards to keep this from ever happening again. Then and only then, can it be turned back over to private enterprise.

The longer we put off facing this reality, the harder it’s going to be to ever get things back to normal.