There is not a single day that passes that I don’t hear some of my Wall Street peers complain about the state of capitalism in America today – and how different it is from only a couple of decades ago.
Is capitalism broken or what, exactly, has happened to this “fountain of money and growth” to draw such irritation among Wall Street financiers today?
I don’t believe that capitalism is broken but it is a fact that capitalism requires freedom to work. It frankly is not and has never been designed to work in an environment dominated by market controls, regulations, artificial barriers to entry, monetary manipulation and a myriad of other government interventions. To the extent that these things are present, I am afraid capitalism will appear broken. It is a wonder that what little capitalism that remains can still tug us along the path of progress as much as it does.