True, I think. I see some of the same misconceptions coming from another bright guy I respect, Simon Johnson, on his "Baseline scenario" blog.
He's right about the social safety net being a great assett for much of europe, but I never seem to see either of them pursue the question of how this hugely valuable asset came into being. An example of their Ideological blinders?

Capitalism searches out the darkest corners of human potential, and mainlines them.