Oct. 31, 2012
To the editor:
Americans have become confused about capitalism. Capitalists used to use money to start and improve businesses. The freedom to do this is what made America great.
Today, those with money instead espouse what I call “avarism,” the avaricious practices of hoarding of capital into hedge funds, insider trading, market manipulation and the purchase of politicians who pass legislation written by and for big business.
This avarism is what passes for capitalism today. Madoff was no anomaly; he represents the current trend toward avarism taken to its logical extreme. Madoff represents the future of America.
Capitalism may have made America great, but avarism is destroying America.