The people who run Capitalism, that is. Not happy at all, I'm sure.
Today, first the NYDaily News with a dramatic front page graphic and the headline, "BUSTED TRUST, Wall St. scandals spooking big, small investors," then the NYTimes Week in Review banner headline, "CLAY FEET, Could Capitalists Actually Bring Down Capitalism?," at the top of a somewhat less pessimistic but no less smashing description of what's going on. And these are not lefty journals. These is The Establishment.
Now I know I shouldn't necessarily be gleeful at the possible or impending sudden disappearance of or depressive shift in the cycle of this "system", since it would mean havoc perhaps even exceeding the evil it does now. Moreover, as someone living on a fixed income produced by, no, not the sweat of my brow, but by years of borrrre-dom, I should have a selfish interest at stake. And in the end, we know the ones who will suffer regardless of how this all works out will not be the very rich. BUT, I will admit I'm absolutely fascinated by what's happening right now.
To those inured to corporate wrongdoing — perhaps by the insider trading scandals or the savings and loan debacle of recent decades — the latest scourge of white-collar malfeasance might seem like more of the same, with greedy executives cutting corners to make a profit. But in truth, the corporate calamities of the new millennium are of a different ilk, one that challenges the credibility of the financial reporting system, and in turn the faith of investors in the capital markets — the very engine that has driven capitalism to its success.