Protests Show Capitalism ‘Nearly Broken’

(Bloomberg) The protesters camping in London in support of the Occupy Wall Street demonstrators may be right and capitalism risks losing its “license to operate,” Generation Investment Management LLP’s David Blood said.

Blood, who worked at Goldman Sachs Group Inc. (GS) for 18 years before starting fund manager Generation with former U.S. Vice President Al Gore in 2004, said the protesters’ message is that the financial system is “broken” and “unfair.”

“In many respects, their concerns are right, and their assessment of where we’ve got to is right,” Blood, 52, said yesterday at a debate at St. Paul’s Cathedral, London, near where the protesters have gathered. “The problem is that capitalism itself is broken or nearly broken.”

The financial industry is too focused on short-term gains and flawed incentives that are eroding trust in the system, Blood said. Generation seeks to maximize long-term returns by investing in companies that prioritize social and environmental factors as well as economic performance. The firm manages about $6.5 billion, according to two people with knowledge of the company, who declined to be identified because the information isn’t made public. .............(more)

The complete piece is at: http://www.bloomberg.com/news/2011-10-19/protests-show-capitalism-losing-license-to-operate-blood-says.html

No less than former Supreme Court Justice Stevens has come out and labeled the process of socializing losses and privatizing profits a fascist economy. This is no longer capitalism for the 1%.

And the pigs that invented it to make themselves king jump out their posh penthouse offices like some pigs did during the crash of 1929.Make sure they are all flying out the windows this time.Let none live to make another dime off someone else's broken back&life or build an"empire".