The party’s over…

From Marketwatch, an article by Paul B. Farrell

Death of ‘Soul of Capitalism:’ Bogle, Faber, Moore
20 reasons America has lost its soul and collapse is inevitable

  1. Wall Street has lost its moral compass. They created the mess, now, like vultures, they’re capitalizing on the carcass. They have lost all sense of fiduciary duty, ethical responsibility and public obligation. The collapse is now inevitable
  2. Failure to plan for the excesses caused by unchecked greed was a plan to fail
  3. The business and ethical standards of corporate America, of investment America, and of mutual fund America have been gravely compromised.
  4. Greed was legalized
  5. The ‘life cycle’ of capitalism is on the decline.
  6. Wall Street wealth now calls the shots in Congress and the White House
  7. America’s top 1% own more than 90% of America’s wealth
  8. The average worker’s income has declined in three decades while CEO compensation exploded over ten times
  9. The Fed is now the ‘fourth branch of government’ operating autonomously, secretly printing money at will
  10. Since Goldman and Morgan became bank holding companies, all banks are back gambling with taxpayer bailout money plus retail customer deposits
  11. Bill Gross warns of a “new normal” with slow growth, low earnings and stock prices
  12. While the White House’s chief economist retorts with hype of a recovery unimpeded by the “new normal”
  13. Wall Street’s high-frequency junkies make billions trading zombie stocks like AIG, FNMA, FMAC that have no fundamental value beyond a Treasury guarantee
  14. 401(k)s have lost 26.7% of their value in the past decade
  15. Oil and energy costs will skyrocket
  16. Foreign nations and sovereign funds have started dumping dollars, signaling the end of the dollar as the world’s reserve currency
  17. In two years federal debt exploded from $11.2 to $23.7 trillion
  18. New financial reforms will do little to prevent the next meltdown
  19. The “forever war” between Western and Islamic fundamentalists will widen
  20. As will environmental threats and unfunded entitlements

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: