We still debate capitalism as though it is an absolute system, a purity or a surrender. The debate is often framed in terms of any regulation or tax structure that is progressive--taxes being heavier on the wealthy and lighter on the poor--as being socialist or "class warfare", and any regulation on banks and corporations as "anti-business".
I don't think capitalism itself is a contradiction, it's just that as a society we have accepted the dogma that anything capitalist is good, ignoring the economic realities of unemployment and unequal wealth distribution that go with capitalism. On the business side, there is absolute reliance on lobbying and manipulating government, as well as benefiting from large, sometimes no-bid government contracts, which are, incidentally, not capitalist.
"Equalizing" America's wealth is another extreme, and unnecessary. But it's become painfully clear to economists and the public that tax cuts for the rich do nothing to create jobs, and a more stable government budget and fiscal house will help the middle class, and the wealthy too in the long run.
I think often times what is described and decried as socialist or as regulation is merely the reasonable balance point between pure capitalism and sensible harnessing and regulation of that system so that a society can function in the center of it.