"And yet it is rampant, unchecked American style capitalism that has crashed the global economy on numerous occasions."
Market corrections. Business cycle adjustments which have seen the general prosperity of capitalist countries generally trend upward while socialism has consistently dragged down economies. No contest.
"An amalgam of capitalism and socialism provides the best outcomes for the most people. Both are necessary."
As the definitions are different I am not sure how the two merge. Capitalism with welfare is entirely acceptable while socialism without central planning hasnt really been achieved for a sustained period of time.