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By Brahma Chellaney
Beijing's creeping aggression signals a challenge to U.S. presence in the Asian Pacific
Independent voices from the The Washington Times Communities
Topic - Paul Sarbanes
American capitalism - led by and caricatured as the financial industry centered on Wall Street - is predicated on the notion that the market is driven by fundamentally economic motives. To its admirers, that means its dynamics are dictated by profit motivation. Wall Street's critics call it greed.
On Dec. 28, the Financial Times announced, "China has again outshone the U.S. as the top venue for initial public offerings." How is it that since 2008, a self-proclaimed communist country raises more capital and has more new firms going public than the great bastion of free-market capitalism, the United States? Answer: Members of Congress have been killing the U.S. financial markets because of hubris, incompetence and a lust for power and money.