[lbo-talk] The Death of Capitalism: Should it be Welcomed?

[Carl Remick]

>From: Doug Henwood <dhenwood at panix.com>
>
>On Jul 24, 2007, at 11:22 PM, Peter Hart Ward wrote:
>
> > the economy is increasingly unable, for nothing that has to
> > do with lack of materiel or human resources, to take care of the
> > population.
>
>The U.S. economy? Compared to what? The U.S. economy of 1968, maybe
>(though it wasn't great for people other than white men), but not
>that of 1933 or 1877. Things aren't great for the middle ranks of the
>U.S. labor market, but they're not desperate either, and certainly
>not desperate enough to make people rebellious. Nowhere near it.

Still, certain key trend lines have taken a recent dramatic turn for the 
worse, e.g., as Bloomberg.com reports today:  "Chief Executive Officer 
Angelo Mozilo [of Countrywide Financial Corp., the biggest U.S. mortgage 
lender] said on a conference call that the U.S. was experiencing 'home price 
depreciation almost like never before, with the exception of the Great 
Depression.'"

<http://www.bloomberg.com/apps/news?pid=20601039&sid=asR0MTIZzjUE&refer=home>

Financial sector CEOs don't use the "D" word casually.

Carl

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