It was fun while it lasted, but on September 19th, 2008, the United States declared the free market, capitalist system which had served it so well for over 200 years, officially over. The longest running financial experiment in human history was brought to a screeching halt when the Federal Reserve, Treasury Department and Congress, with the blessing of King George, decided that private companies would no longer have to suffer the slings and arrows of a free market system.

The agreement, known as "No Business Left Behind", formalized the process by which the financial system would be manipulated by government entities. Businesses which took wild, speculative risks without performing due diligence would be prevented from failing through the judicious use of taxpayer money while reports on the health of the American economy would henceforth be reported as "slow but growing".

The free market system was always known as the purest form of capitalism with its ability to determine winners and losers based upon such antiquated notions as profitability, price-to-earnings ratio and a viable business model. During its time, the free market oversaw such momentous events as the Crash of 1929, the Crash of 1987, and the Internet Bubble (1995 -2001). The falling of the Berlin Wall in 1989 was also partially credited to the free market system as the efficiencies of such a financial system far outweighed those of the more centrally planned markets of communism.

Innovative ideas to finance new or growing businesses were developed which allowed the United States to dominate the world financial markets. If money was needed, the free market found a way to provide the funding. No project was too large or complicated for the free market to work its magic.

Another area the free markets excelled in was risk/reward. Those that took risks, and succeeded, were rewarded while those who risked and failed, were penalized. It was a simple system but one which served the United States well. Everyone knew the rules and though they tried to bend them, the rules would always win in the end. The free market could be a cruel mistress but no one expected to be given anything. They had to earn the right to succeed.

However, with the implementation of "No Business Left Behind", the government effectively gave those who tried to fight the free market and were on the verge of losing, badly, a mulligan. By agreeing to take away nearly all the debt businesses had accumulated as a result of their own actions, and pawning that debt off on the back of taxpayers, the government indicated that the free market ideals of winners and losers would no longer come into play. It would decide who should live or die, not free markets.

There were many long and loud protests about the change from capitalism to facism, but the government would have none of it. It was now the decider, not the free market. With its head held high, the free market was marched to the Wall Street side of the New York Stock Exchange, its eyes glaring at those about to execute it as it was roughly shoved against the building without the courtesy of a blindfold. Before the free markets could utter one last word, the guns of the Federal Reserve, the Treasury and Congress rose as one and fired as one, their rounds ripping through the stalwart body of the free market and snuffing out its life. A moment later the now dead and cooling corpse was unceremonisouly tossed into a plain, lead coffin and drug through the streets to New York Harbor where it was taken far out to sea on a garbage scow, it's watery grave known only to a select few.

It is said that soon after the death of the free markets, there were those in the crowd who vowed to avenge its death. This small group of people would work until their dying breath to resurrect the spirit of free markets by ignoring the new rules and returning to the days when moral hazard walked hand-in-hand with free markets. When all businesses played by the same rules and only those who did not enjoy irrational exuberance would continue onward. Whether their plan is successful or their attempts crushed under the boot heel of the new facist regime, only time will tell.

With its passing, we should bow our heads and remember the free market as the true friend it was. The driving force which allowed America to be the nation it was shall be missed by those who knew it best and respected its efforts.

1792 - 2008