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Is This The Death of Capitalism?!

CNBC.com
Thursday, 18 Sep 2008 | 1:39 PM ET
The End of Capitalism?
The financial system is ceasing to function effectively. The government needs to step in to support the financial system, or else capitalism is over, says Paul Donovan, senior international economist at UBS. He speaks to CNBC's Stephen Sedgwick & Maura Fogarty.

Lehman , Merrill , AIG : bankruptcy, buyout, government bailout. Goldman Sachs shares slide amid the fear. And Morgan Stanley is desperately seeking a merger. What does it all add up to?

The death of capitalism, says Paul Donovan. The senior international economist at UBS says governments must step in to steer the global financial system -- or the free market as we know it is doomed.

Watch the video for his frightening prediction.

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The Panic of '08:

- Dow 30 At a Glance

- Is Your Money Market Fund Safe?

- We Need 'Banker Prozac'

- Slideshow: Victims of the Credit Crunch (So Far)

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