From yesterday's financial pages


Capitalism will survive despite Wall Street

"American opponents to President Barack Obama's announced reregulation of the financial sector are billing the issue as capitalism versus socialism or even communism.

It is not the case. This is not the economic version of the Cold War, and the search for a new architecture does not mark the death of capitalism.

In fact, free enterprise was nearly murdered by Wall Street, AIG and other reckless financial institutions. They did not meet their defined responsibilities. They bent the law to bypass rules governing their behaviour. Many of them abandoned traditional banking and got into the gaming business. And they brought the world to the brink in the fall."

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