Posted by: Rational Voice | October 16, 2011

Wall Street and Capitalism

I’ve tried to find a way to properly explain my thoughts on how Wall Street and big corporations do not necessarily represent true capitalism and that is because of government meddling in the market.  Well, I came across something today that stated it perfectly.  Read the entire Forbes article as well as this is just a small part of it:

Wall Street seems synonymous with capitalism, but few there espouse market principles. Likewise, Big Business rarely eschews state intervention, instead playing willing harlots for Washington’s wiles. The further Leviathan reaches, the more special interests latch to its tentacles. Restricting the state is essential to curtailing corruption and ensuring earnings come honestly. Smaller government affords less power for those with clout to co-opt.

Finance remains among the most heavily regulated spheres, thus Wall Street expends exorbitant sums lobbying. According to OpenSecrets, individuals from the securities and investment community donated $15.8 million to Obama’s campaign and $9.2 million for McCain. Nonetheless, Obama’s reelection efforts paint Republicans as Wall Street’s lackeys and the state as society’s savior. This is ludicrous given how Wall Street’s lucre fortified his coffers and Wall Street alumnae fill his cabinet

This same author has another piece here.

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