The market collapse of 2008 might just be the end of free market capitalism as we once knew it in America. There is still hope for a return to the system of economy that produced the unprecedented wealth, prosperity, and freedom ours did for more than 200 years...but that window is closing fast, with every bailout of every inefficient industry who comes with enough lobbyists and sympathy to Washington. Charles Krauthammer explains more in his latest column.
"In the old days -- from the Venetian Republic to, oh, the Bear Stearns rescue -- if you wanted to get rich, you did it the Warren Buffett way: You learned to read balance sheets. Today you learn to read political tea leaves. You don't anticipate Intel's third-quarter earnings; instead, you guess what side of the bed Henry Paulson will wake up on tomorrow.
Today's extreme stock market volatility is not just a symptom of fear -- fear cannot account for days of wild market swings upward -- but a reaction to meta-economic events: political decisions that have vast economic effects."