The failure of capitalism

Michael Moore talked to Larry King recently and here's something he said that is very blunt and to the point:

King: Are you saying capitalism is a failure?

Moore: Yes. Capitalism. Yes. Well, I don't have to say it. Capitalism, in the last year, has proven that it's failed. All the basic tenets of what we've talked about the free market, about free enterprise and competition just completely fell apart. As soon as they lost, essentially, our money, they came running to the federal government for a bailout -- for welfare, for socialism. And I thought the basic principle of capitalism was that it's a sink-or-swim situation. And those who do well, the cream rises to the top and, you know, those who invest their money wrongly or, you know, don't run their business the right way, then they don't do well. And if you run your business the wrong way, where does it say that you or I or anybody watching this has to bail them out?

I understand why everybody seemed to get behind it, because a lot of people were afraid, because these people down on Wall Street had taken our money and made bets with it. I mean, they essentially created this invisible virtual casino with people's money -- people's pension funds, people's 401(k)s. They took this money and they made bets. And then they made bets on the bets. And then they took out insurance policies on the bets. And then they took out insurance against the insurance -- the credit default swaps.

Well, I not only think capitalism fails, I think it is fundamentally immoral. But that's another post altogether, isn't it?
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