Washington Post: Capitalism a 'Casualty' of Financial Crisis
Reports of capitalism’s death have been greatly exaggerated by the news media.
Take the Washington Post’s front-page “analysis” on Oct. 10 that warned the financial crisis “is claiming another casualty: American-style capitalism.” The article was the latest obituary for capitalism – following CNBC’s claim Sept. 19 and Post columnist Steven Pearlstein’s death notice Aug. 1.
Faiola’s article said, “But the hands-off brand of capitalism in the
Free market economists argue that the financial markets weren’t really so “hands-off” – and that it was a series of government meddling that created the problem.
Another BMI adviser,
Faiola’s article quoted a
The Post also wrongly claimed that “Other than a few fringe heads of state [referring to Hugo Chavez] and quixotic headlines, no one is talking about the death of capitalism.” But the paper’s own financial columnist sounded the death knell for entrepreneurial capitalism on Aug. 1.
Steven Pearlstein said, “It’s always risky to call turns in history, but my guess is that this consensus [toward free markets] is unraveling.”