'Death of American Capitalism:' The 10 final scenes

Feb. 23, 2010, 12:01 a.m. EST

'Death of American Capitalism:' The 10 final scenes
Commentary: Munger warns 2012 is our tipping point on 'road to ruin'

By Paul B. Farrell, MarketWatch


ARROYO GRANDE, Calif. (MarketWatch) -- Good news, Americans are "downbeat about today. Upbeat about tomorrow," says the latest USA Today/Gallup Poll. "Americans feel battered by hard times, record home foreclosures, stubbornly high unemployment rates and war."

And yes, we are "fed up with Washington and convinced more than 3 to 1 that the nation is heading in the wrong direction," yet there's "confidence that there will be better times ahead, that the classic American dream endures and hasn't been extinguished. It's not even at its low ebb." Why? Because we're in denial!

Do Main Street's 95 million investors know something Warren Buffett's long-time partner, Charlie Munger, doesn't know? Munger is warning us "It's Over" for America. Yes, "o-v-e-r," America's in decline, at the end-of-days, coming to "financial ruin," says Munger.

Optimism has always been the enduring spirit that made us a great nation, brought us back from overwhelming challenges and impossible odds -- WW II, the Civil War, the 1776 Revolution. Yes, that spirit still burns in our soul, says the poll.

But we also know, as we said earlier in "The Death of the Soul of Capitalism," that over the long-term, through many centuries, historians give nations an average of about 200 years before they burn out. Why? Because the "blind optimism" that makes a nation great in the early years of its rise to power and glory becomes, paradoxically, its worst enemy in the end-days. .........(more)

The complete piece is at: http://www.marketwatch.com/story/death-of-us-capitalism-the-final-10-scenes-2010-02-23

Unfortunately, the Reagan revolution was a revolution of the rich against us, the middle class and poor in the U.S.

And Obama is on the side of the rich. So far, compared to what he has done for the rich, he has done nothing for the middle class and the poor.