U.S. economy set to turn towards socialist path!
NEW YORK - November 3, 2008 -
Whichever candidate wins the presidential elections tomorrow, leading experts
predict that America will continue to travel down the socialist path.
Although an Obama presidency is expected to be less friendly to capitalism than a McCain one, previously unimaginable events such as the partial takeover of banks by the U.S. government last month are likely to continue, whoever succeeds President Bush.
Such developments are likely to go hand in hand with a demand for much greater accountability on the part of U.S. businesses. Josh Lerner, professor of investment banking at Harvard Business School, said, “There has been such a big backlash against the bailout of the banks that there is a huge demand for the government to get its pound of flesh. A system that allows the private sector to make huge profits in the good times and then get cleaned up by the government when things go bad is not a sustainable model.”
James Owers, professor of finance at Georgia State University, added, “It was the increasingly lax regulation that has got us into this economic pickle. Regardless of who prevails on Tuesday, regulation, especially in financial services, is going to be tightened up - although more under Obama.
