Capitalism is what people are experiencing who are looking for work: falling demand for the goods and services they provide has left them unemployed, or holding down jobs just to make ends meet. These are society’s real capitalists.

Socialism is what is being practiced on Wall Street: profit made with other people’s money goes home and losses go to taxpayers.

Banks remain part of the problem because they lobby (with taxpayer money) against reform. They should be part of the solution by working to legislate reform that will prevent the recurrence of the mess they helped create, as well as addressing today’s housing catastrophe.

Politically and economically, true north is the bi-partisan Simpson and Bowles report commissioned by the present administration, but shamefully ignored by all political parties in selfish pursuit of their own agendas (www.fiscalcommission.gov).

If capitalism is the preferred economic system to allocate our country’s resources, then “capitalists” need to face the issues raised in the many articles, books and documentaries written and produced about the financial crisis. (See Reading List.) Politics aside, the only way to justify the sacrifices being made by today’s real capitalists is the application of capitalism’s principles to everyone.

We all need to make sacrifices to get out of this crisis. We can start by stop subsidizing bad decisions and losses: bring capitalism to Wall Street.

But don’t take our word for it. Read or watch some of the following material and draw your own conclusions about corporate and political values in America.

Suggested reading and viewing…

Barbarians At The Gate, Bryan Burrough & John Helyar, 1990

Other People’s Money, Motion Picture, 1991

When Genius Failed, Roger Lowenstein, 2000

The Smartest Guys in the Room, Bethany McLean & Peter Elking, 2003/ Documentary Film 2005

Too Big to Fail, Andrew Ross Sorkin, 2009

The Big Short, Michael Lewis, 2010

The End of Wall Street, Roger Lowenstein, 2010

Inside Job, Documentary Film, 2010

“Robbing Peter…” Article by Sam Dreher, NAPFA Advisor, January 2011

Endgame, John Mauldin, 2011