The Collapse of Unrestrained Capitalism

Fr. Dwight Longenecker, whom I often read, has an article today at Inside Catholic on the global financial crisis worth reading.

Here is a line I just can't resist quoting:

Proper restrictions and regulations were lifted and, in a mind-staggering glut of greed and speculation, money was loaned on money that was borrowed on securities that were based on other monies that were insured by companies that had borrowed more money that only existed as computer calculations -- and if that explanation is not exactly correct, neither is the reality any simpler.