Did unfettered capitalism , the world's no. 1 unproven belief system, die

Did unfettered capitalism , the world's no. 1 unproven belief system, die this week? ------------------

Bear Stearns was bankrupt with a 30 $billion deficit. It was given 30 $billion of taxpayer’s money to make it worth taking for the price of a fig leaf.

The Financial 2008 March Massacre, following years of profits which were exclusively privatized, has justified a gigantic socialization of losses. This is a desperate attempt, primarily to save substantial capital owners, but also non-owners of capital apart from those who may have to go to the wall for gambit requirements.

The western governments failed in their obligation to regulate the financial operators whose inability to regulate themselves has resulted in great harm to the rest of us. Enterprising greed o’er leaped and the taxpayer, apart from losing the invidious 200 $billion in invisible handouts to wealthy corporate holders, loses an invisible $trillion which will become very visible, though not accountable, as his assets are eroded by the inflation in direct consequence and proportion over the coming years.

The route to this debacle was paved with ‘Greed is Good’ misquotes from writer Adam Smith. In his 1776 book: "An Inquiry into the Nature and Causes of the Wealth of Nations," Smith said no more than that the invisible hand was sometimes, even frequently, good for society. He was clear and emphatic in restricting his dictum to domestic industry and even then ‘not always.’

I extract the most quoted passage taken from Smith’s book. He said of the individual, that: “By preferring the support of domestic to that of foreign industry, he intends only his own security; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand to promote an end which was no part of his intention. Nor is it always the worse for the society that it was no part of it. By pursuing his own interest he frequently promotes that of the society ...”

Adam-ant also was his attitude to ‘invisible hand’outs. Corporate welfare notwithstanding, long live capitalism.