Found this

online.wsj.com/.../SB121638471393965163.html

in today's journal. It shows the other side to the FT article. It's a bit over my head but interesting just the same.

it's programmed into the structure of corporations to act as greedy, tyrannical and irresponsible collectivist entities. pointing at individual, greedy capitalists is a matador's red veil.

It looks like a few more are chiming in on this subject.  NYT has a good piece today (Sat) about the state of the economy.  

www.nytimes.com/.../19econ.html

It's hard to say where we're going from here.  This downturn is different from others.  We're losing all our manufacturing jobs, competitive pressures from foreign goods, and the complexity of the financial markets really hits people hard.  

Typically you would expect the job cuts to be followed by invetment in new production equipment, but that's happening in China.  

You expect inflation too cool as demand drops, but material prices kept moving.  Only now are the Oil Hedgers realizing that if they bet wrong on growth, they have a lot of oil to store somewhere.  Interesting situation for the economy, a bad economy drives down the price of oil, and a good economy sends oil prices up and that dampens the growth.

I read the original piece on housing by Rosner in TNR and thought he missed a smaller point abut home ownership.  Most of the people owning homes really have this as a hedge against inflation.  If inflation takes off, the home prices do also.  This is the concern with Deflation that the Fed is so worried about.  

The high rate of home ownership reflected partially personal belief that homes always appreciate driven by inflation.  Now with the credit crunch and large changes in the American Economy like the collapse of manufacturing, these houses are not the investment they were for the last 40 years.

It's more like say goodbye to America, multi-national capitalism, go the markets.

So maybe the Democrats and by extension, Obama, are socialists, after all?