Originally Posted by
likeitis
3) The first requirement of capitalism is that the parties are ethical. Many of our problems across all areas and especially Wall street is the completely failure of ethics in those in position of leadership. Truth is definitely stranger than fiction when you have some idiot on Wall street claiming to do the work of god. There are many things that I can do with an aircraft that are perfectly legal but extremely stupid. It appears that these leaders never learn the difference.
I am not sure that I have ever seen that written in a rule-book. I think what you might be getting at is that each party live up to what they have promised. That means that they are not fraudulent in their dealings. If they lie/steal/cheat then they have broken their end of the deal and been involved in fraud. But there is no "requirement" that capitalists be "ethical."
There are many moral deficiencies that I find repugnant (GREED is one of them). But greed is not anti-capitalist. Again, fraud is a legal issue; greed is a moral one.