One more person joining the drumbeat- the system in place is not capitalism but "capitalize profits, socialize losses"

Back on 6/25/08 this author had written a piece titled "Capitalism for the C_Os, Socialism for the Rest of Us" wherein he discussed how the Chiefs made off with the loot while the public was stuck with the losses. Three and a half years later, the NYT Op-Ed Columnist Mr. Kristof writes about the same theme. He should note that this was figured out and mentioned by quite a few folks a long time ago.

Crony Capitalism Comes Home - NYTimes.com: "So I’d like to invite the finance ministers of Thailand, South Korea and Indonesia — whom I and other Americans deemed emblems of crony capitalism in the 1990s — to stand up and denounce American crony capitalism today.

Capitalism is so successful an economic system partly because of an internal discipline that allows for loss and even bankruptcy. It’s the possibility of failure that creates the opportunity for triumph. Yet many of America’s major banks are too big to fail, so they can privatize profits while socializing risk.

The upshot is that financial institutions boost leverage in search of supersize profits and bonuses. Banks pretend that risk is eliminated because it’s securitized. Rating agencies accept money to issue an imprimatur that turns out to be meaningless. The system teeters, and then the taxpayer rushes in to bail bankers out. Where’s the accountability?"

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