This is where your cousin is confused. It is precisely because we have not had a free market, that we are having these problems. Government meddling of all sorts has put us in this position. You can start with the Federal Reserve not allowing the free market to determine interest rates. This is just a start ... the list goes on and on. But it all starts with the Federal Reserve.
So obviously, socialism has been here for some time. But the heat is being turned up.
"In his Communist Manifesto, published in 1848, Karl Marx proposed 10 measures to be implemented after the proletariat takes power, with the aim of centralizing all instruments of production in the hands of the state.
Proposal Number Five was to bring about the centralization of credit in the banks of the state, by means of a national bank with state capital and an exclusive monopoly.
If he were to rise from the dead today, Marx might be delighted to discover that most economists and financial commentators,
including many who claim to favour the free market, agree with him."
Read the following post carefully ...
http://www.usmessageboard.com/economy/59634-bailout-marks-karl-marxs-comeback.html
But again ... it is not a failure of free market capitalism. It is a failure due to socialist intervention.
Precisely. We do not have free market capitalism.
Brian