In last Tuesday’s Democratic debate, Senator Bernie Sanders stayed true to his famed aversion to capitalism, proclaiming the fanciful virtues of “democratic socialism.” Yet when prodded by Anderson Cooper — who asked, “you don’t consider yourself a capitalist?” — Sanders responded not by attacking free markets, but by targeting a more popular target of discontent: Wall Street and the banks.
“Do I consider myself part of the casino capitalist process by which so few have so much and so many have so little, by which Wall Street’s greed and recklessness wrecked this economy?” Sanders asked. “No, I don’t.”
One could be forgiven for not understanding what Sanders means by “casino capitalism.” Is it crony capitalism, in which legislative favors are secured by the rich and powerful (which conservatives also disdain)? Is it bailouts for the big banks (which, again, conservatives also disdain)? Is it basic trade and exchange on a large, complex scale, and if so, at what size does it become problematic? Does he despise the stock exchange itself? Too loud with all its blinky lights and bells? (more…)