Mmmm that reads a bit like a Marxist manifesto. Outdated and irrelevant in the modern world.
If I’m a commie for what I wrote, then you are a detached-from-reality, ivory-tower academian based upon what you wrote.
It’s not just working people suffering in this downturn, it’s everyone, rich and poor. The pain may be greater for the poorest in the short term but recovery, provided with decent government comes quicker with new employment opportunities. Investment income take a lot longer.
The rich are ‘suffering’? Maybe you intended to write that they are not continuing to widen the gap between the rich and everyone else as quickly or something. This is suffering? Really? Is Buffy going to bed without hungry? Are her parents concerned that they may have to spend all of their savings just to survive? Are they concerned that if they get laid-off from their jobs at age 57 and cannot find any employer to hire them (due to age-discrimination by employers) that they may not get a long-promised pension at all?
The fact that billions were lost in sub-prime mortgage packages was not a global fraud but a creative and now discredited business enterprise. The fact that others failed to properly identify the huge risk before investing does not make it a criminal enterprise.
Again, you’re kidding, right? Others failed to properly identify the risk? How so, by the rating agencies scores? Nope, that didn’t work. How about the ‘watch-dog’ business news outlets? Nope, they became lap-dogs. How about government regulatory agencies? Nope, they too proved to be incompetent or worse, susceptible to corporate bribes. But please go ahead and blame the victims and not the perpetrators. I’m guessing that you are a royalist, no?
Finally, please let me know which country provides a stellar example of how capitalism ‘works.’
I’m not dogmatic at all about socialism, but I flatly reject any argument that any of the existing systems alone works well.
And the sooner we recognize that fact, the better.