'Is it any wonder that so many Americans see the system as rigged against them?' asks RBReich
,"inevitably produces stagnation, corruption, and often worse—such as authoritarian government officials who often have an increasing ability to interfere with both the economy and individual lives—which they frequently do to maintain power," adding that socialism would be"a disaster for our country."
But as was demonstrated again this past week, American capitalism needs strict guardrails. Otherwise, it is subject to periodic crises that summon bailouts. The result is socialism for the rich while everyone else is subject to harsh penalties: Bankers get bailed out, and the biggest banks and bankers do even better. Yet average people who cannot pay their mortgages lose their homes.
Former Silicon Valley Bank CEO Greg Becker sold $3.6 million worth of shares on February 27, just days before the bank disclosed a large loss that triggered its stock slide and collapse. Over the previous two years, Becker sold nearly $30 million of stock.
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