Foolish Capitalism

Some progressives say that the market has failed because there were not enough regulations in place. Some conservatives say it failed because there were too many regulations.
I believe the market has worked just the way it should. This is if you buy in the quasi religious belief of a deregulated market sold to the masses by the fools in charge.

Let’s consider the financial industry. Its failure originated from creating and selling faulty products such as credit default swaps. These products are the latest example of faulty financial products sold all over the World at high profit. The market finally caught up and sent the industry belly-up.
Another example is the car industry. For decades, its management has refused to look at the foreign companies and provide direction to design and produce competitive cars in terms of reliability, fuel efficiency, environmental safety, and price. Also, in this case the market has answered and sadly we have seen the spectacle of the three car industry CEOs, in their private jets, go to Washington to ask for a loan.
How ironic this symbolism is. In the old days the kings were use to walk long distance and put ashes on their heads before kneeling in the presence of the pope to ask for forgiveness to keep their power.
In both cases because the industry has produced faulty and non-competitive products the market has reacted putting it, well, out of the market.
For consistency and following the deregulation credo, we should let the market “work its magic” and have both the financial and car industries fail. Don’t we? To think otherwise means to go against this credo that has been the cornerstone of the conservative philosophy. Unfortunately this way of thinking has been espoused by some so called progressive thinkers (see for instance Mr. Rubin and others of the Clinton’s club).
The "deregulated market" religion as preached by its high well paid and corrupted priests, has failed. This is because its ideas of greed and out of control accumulation of wealth completely disregard human life and the environment. The republican party is the main champion of this destructive philosophy. And for that it must answer to the people in the years to come.