"Religion" of capitalism

April 14
"religion" of capitalism
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My View: Energy-saving carbon cap offers a bonus: More jobs



By Dave Yarnold
Special to The Bee
Tuesday, Apr. 14, 2009 - 12:00 am | Page 13A

Amid all the news reports about failed financial gadgets like credit-default swaps and mortgage-backed securities, you'll find an occasional story that reveals the human face of this recession. Here's one example from Stark County, Ohio: Almost 700 people recently lined up to apply for a job as a junior high school janitor. Officials in Stark County were surprised that so many seasoned workers, including people in their late 40s and 50s, were vying for a $15-an-hour job with little room for professional growth or promotion. But in a county with more than 10 percent unemployment, the job hunters had few other options.Ironically, while those 700 people were standing in line for a single job, few people were paying attention to a company a stone's throw away that could soon be providing job hunters with a lot more options. 3-D Service, in Massillon, Ohio, does repair work and maintenance on wind turbine power systems and components. It's one of hundreds of companies across Ohio, and thousands across America, that are part of the "new energy future" that President Obama and major business leaders keep talking about. These companies are poised for rapid growth – if America passes a federal law to cap global warming pollution, a move that will reinvent our energy supply and create new businesses to cater to it.-------------------
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The world has been deceived by the "religion" of capitalism. People had put their faith in a system that promised them ever-increasing profits. The financial "high priests"—the investment bankers, hedge fund operators, and others—promised continual growth; meanwhile people, companies, banks, institutions, and national governments poured their money into investments that assured financial blessings. They believed, they had faith, and now they see that their faith was misplaced. The financial system that they believed in and thought was solid and strong was only an illusion. The "high priests" were repackaging toxic debt and selling it to banks, financial institutions, and nations as if it were gold. Their sleight of hand had people taken in by the belief that if you bought into their system, you were guaranteed rewards. People believed, and they acted on that belief.
America can no longer say, "This is the way it's going to be".The U.S. doesn't have the financial power it used!
Ted Rudow III,MA