Capitalists share blame for capitalism's troubles

Published Sunday, November 1, 2009

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A recent letter writer bemoaned the state of capitalism in 2009, blaming, as always, the current administration. I agree that capitalism is in trouble, but I see a different culprit. Capitalism is imperiled as a direct result of the actions of capitalists themselves.

Government didn't bring about the downfall of Enron and WorldCom, or more recently, AIG and LehmannBrothers. Faulty business practices, designed only to enrich the top executives, created the crises that either destroyed them or brought them to their knees requesting government aid.

The writer also mentions our impending status as a Third World nation. How does one recognize such a nation? I suggest it is by examining the gap between the haves and have-nots and the size and well-being of the middle class. Do we qualify? We are, unfortunately, moving in that direction, propelled by the excesses, not of government, but of capitalists whose bottom lines and personal fortunes were better served by shipping jobs (and in some cases, their own bank accounts, overseas).

Finally, the same letter suggests we have abandoned our role as promoters and defenders of freedoms worldwide. Ask the families of military officers and enlisted men if we have done so.

Around the world, we maintain huge bases that exist to provide quick access to far-flung trouble spots and security to the nations that have depended on us for protection for decades. If we have become a debtor nation, it is because we have served as the lone marshal keeping the peace.

Phyllis Bartoe

Hilton Head Island

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Rick Caporale (R-District 1)
17 Salt Wind Way, Hilton Head Island, S.C. 29926
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Steven Baer (R-District 2)
10 Heather Lane, Hilton Head Island, S.C. 29926
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Stu Rodman (R-District 3)
27 Baynard Park, Hilton Head Island, S.C. 29928
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Weston J. Newton chairman (R-District 4)
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William McBride (D-District 5)
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Gerald Dawson (D-District 6)
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Jerry Stewart (R-District 10)
11 Teaberry Lane, Bluffton, S.C. 29909
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166 Fuller Parkway, Beaufort, SC 29902
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PO 325, 804 West Street, Beaufort, SC 29901
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Bob Arundell vice chairman (District 2)
198 Woodlake Villas, Hilton Head, S.C. 29926
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Joan Deery (District 1)
5 old Fort Drive, Hilton Head, S.C. 29926
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Wayne Carbiener (District 3)
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Laura Bush (District 4)
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Michael F. Rivers, Sr. (District 5)
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93 Bruce Smalls, Grays Hill, P.O. Box 768, Lobeco, SC 29931
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4 Broomfield Lane 2532, Beaufort, SC 29907
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Herbert Burnes (District 8)
95 Pine Grove Road, Beaufort, SC 29906
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3121 Palomino Dr., Burton, SC 29906
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771 Ribaut Rd., Beaufort, SC 29902
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860 Ribaut Road, Beaufort, SC 29902
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Bill Ferguson (Ward 1)
634 William Hilton Parkway, Hilton Head Island, SC 29928
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William Harkins (Ward 2)
3 Old Fort Lane Hilton Head Island, SC 29926
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Drew A. Laughlin (Ward 3)
5 McIntosh Road, Hilton Head Island, SC 29928
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John Safay (Ward 4)
19 Starboard Tack, Hilton Head Island, SC 29928
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George Williams (Ward 5)
8 Braddock Cove, Hilton Head Island, SC 29928
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Ken S. Heitzke (Ward 6)
3 Audubon Place, Hilton Head Island, SC 29928
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