Wednesday, April 07, 2010

The lack of high moral standards in capitalist USA

No matter how you look at it, our banks and our bankers, both before and during the crisis [of September to October of 2008], did not live up to the moral standards that we should hope for, especially in their exploitation of ordinary borrowers. The sub-prime mortgages are just another example of a long litany of abusive practices in a variety of venues, which included student loans, pay day loans, rent-a-centers and credit and debit cards.

Joseph Stiglitz (Winner of the Nobel Prize in Economics)
Freefall: America, free markets
and the sinking of the world economy
W.W. Norton & Comapny, New York, 2010

JG: In other words, capitalism in the USA is a perfect formula for screwing and defrauding the working class – those who sweat their brows – your friends, your neighbors and your families. Like a priest mentions in Michael Moore's Capitalism, a Love Story: “it is an evil system” that in the long run is unsustainable.

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