Capitalism Didn’t Bail Out Wall Street

Charlie Gasparino has a piece in the New York Post. He went down, actually talked to some of these protesters down there, and like everybody else that has gone down there and done that, he came away with quite a stark reaction. And his advice is tell the president, you don’t want to be anywhere near this. These people are, whether they know it or not, a bunch of Marxists. This is not just about redistributing wealth. This is about total revolution. That’s what the people doing this thing think it’s about. And he made an interesting observation.

“Also absent was any notice of how the much-hated banks benefited not from free-market capitalism, which would have let them fail in 2008, but from crony capitalism that bailed them out.” These people are down there hating the banks, hating capitalism, where if capitalism had been allowed to run its course, these banks would have failed, they would not have been bailed out, and these people would be poor and penniless and maybe in jail if the market had been allowed to rule. And yet what happened? Capitalism was superseded by the notion that they were too big to fail and big government stepped in and bailed them out. It was exactly the kind of government these people claim they want that led to the circumstances that tick them off.

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