With the passage of the $700 billion dollar financial rescue plan, the U.S moved closer to socialism, but no closer to a crisis resolution. For a nation that prided itself on capitalism, looking down its collective nose at socialism, nationalizing bad debt was an easy out. But by bailing out banks, insurance companies and investment firms, lenders were helped and homeowners ignored.

Rethinking How Markets Work

It’s also a startling admission that free markets don’t work. Contrary to Adam Smith's invisible hand theory , espoused in The Wealth of Nations, and embraced by Wall Street, individuals and corporations pursuing their own self-interests do not necessarily promote the best interests of society as a whole. The invisible hand that was supposed to guide the market has, in the end, pick-pocketed taxpayers. Where does all of this lead?

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