The Era Of The Free Market Is Over?

By Kleinheider Posted on September 20, 2008 at 2:37 pm

That is what Rep. Steve Cohen seems to be saying:

“Everybody’s pension, everybody’s job is at stake,” said Cohen. “Homes, mortgages, businesses, everything.” At stake, as Congress begins work this weekend on an emergency plan is nothing less than “preserving the American economic system.” Cohen said the current congressional session might be extended through “the end of October,” right up to the eve of the presidential election, in order to work out all the ramifications.

In the short run, Congress will assume a “massive” amount of debt stemming from the sub-prime mortgage catastrophe resulting in the collapse or near-collapse of several venerable Wall Street investment firms. In the long run, there must be serious reforms, “a change in the way the American people see their government,” Cohen said. “The whole idea of the free market is history.”

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Tags: free market, Steve Cohen  

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