I see articles and blog entries bemoaning the "death of capitalism" as a result of the bailout passed by Congress and signed by the President. I have one word for these: overreaction.
History Lesson: Capitalism needs regulation, and has gotten it here in the U.S. ever since Teddy Roosevelt became a trust buster. When there is regulatory failure, which is what we've just experienced, the government steps in and cleans up the mess. It did so in the savings and loan bailout, and is doing it again. Then it puts regulations in place to keep the problem from arising again. Everything rolls along smoothly for a decade or so and then the creative minds in the financial arena dream up new ways to legally circumvent regulations and get crazy. This is followed by another crisis and another government intervention. If anything else happened, that would be unusual and, possibly, worrying.
My Analysis: What we are experiencing is the absolutely normal functioning of the interplay of the free markets for capital and the regulatory functions of the government. Yes, it would be ugly if nothing were done, but you will note that isn't happening. What is happening is the classical pas a deux that the financial complex and the government perform - ponderously and with much groaning - every decade or two.
My Conclusion: The sky is not falling, the world is not coming to an end, capitalism is not dead, and the era of American hegemony is not over. We've experienced a normal, if unpleasant, event. Get over it. Life goes on.
