But the hands-off brand of capitalism in the United States is now being blamed for the easy credit that sickened the housing market and allowed a freewheeling Wall Street to create a pool of toxic investments that has infected the global financial system. Heavy intervention by the government, critics say, is further robbing Washington of the moral authority to spread the gospel of laissez-faire capitalism.
So, let me get this straight: The Iraq war destroyed America’s moral authority in foreign policy matters. The secret capture of prisoners and torture at Guantanamo destroyed America’s moral authority in matters of justice. And now, the collapse of credit and stock markets around the world is destroying America’s moral authority on economic matters. Tell me again, please, why this election is so close? Is the complete and abject failure of the past eight years really not obvious?
