The Political Economy of What the What Now?

“You have to ask the question, is capitalism really about the ability of a handful of rich people to manipulate the lives of thousands of people and then walk off with the money?” -- Newt Gingrich on Mitt Romney's Bain Capital.  

Well, I don't know, Newt, is it? Are you suddenly channeling Occupy Wall Street? No, that can't be it because nobody there would be willing to defend "capitalism".

Modern politics in the US seems to have a bizarre disconnect with reality. Certainly with economic theory. And most certainly with the fundamental questions about how our economies do operate and how they should operate.

I wonder if any of these Republicans ever asked "What is capitalism?" And then came up with a coherent and non-inherently contradictory answer. Between this and the Sarah Palin attacks on "crony capitalism" supposedly practiced by Obama, you have to wonder if the Republicans are going to one day be the party of the deranged. Oh wait. Sorry. That already happened...

From.