“Capitalism undisciplined by morality will self-destruct.”

October 11, 2005

During an economics course I was taking many years ago the professor offered a political theory that stays with me to this day.  And it would seem in light of todays one party rule "political certainty" would be a better description.  In total fairness the prof’s contention was that pure capitalism is eventually doomed to failure and so also is pure socialism; the first because of uncontrolled greed; the second because of eventual uncontrolled subsidies leading to lack of incentives.

Is there any doubt which pure mode our county is in today?  The lavish tax cuts given to those in the top 5% income bracket and all the while in the midst of an obscenely expensive quagmire in Iraq, is but one example.  The Bush administration keeps telling us how well the economy is doing.  I have no doubt of that, but with thousands of jobs cut and out-sourced every day, union contracts and pensions shredded by bankruptcies, the economy is doing exceedingly well for the top 5% receiving the huge tax cuts.

With all the laid off workers struggling to survive, and the vast numbers of Katrina victims baking in the 100% sun because of lack of gasoline and/or transportation, it does not appear we need worry about our present administration being over socialistic.  In fact President Bush stated emphatically Katrina will not be paid for by modifying any high end tax cuts whatever, but by cutting social and medical programs, and if he can get away with it, privatizing Social Security.

I close by offering a quote credited to the late Pope John Paul whom we know met with President Bush and voiced his disapproval of the U.S. attack on Iraq. “Capitalism undisciplined by morality will self-destruct.”

Buz Cormany

Medina, OH