The reality is that the American financial system is not a free market, and it is not even remotely capitalist. It is actually a parasitical system in which the financial elite prey upon the capitalists by virtue of having purchased political approval for their predation. Moody reported that financial services firms earned more than one-quarter of total corporate profits in 2007 – 27.4 percent, to be precise. They did not earn these profits through producing anything or from making business operations more efficient; they obtained it from behaving rather like pirates pillaging passing trade vessels.
In looking back on what a complete and utter disaster George W. Bush has been for the American Conservative movement, I don't believe that even the debacle in Iraq compares to the financial and economic morass he is creating in his desperate attempts to preserve his legacy, such as it is.