Credit Crisis Intensifies

Full story: Hartford Courant
A failed plan to rescue Lehman Brothers investment bank was followed Sunday by more seismic shocks from Wall Street, including a government-brokered takeover of Merrill Lynch by the Bank of America . Full Story
FAV

East Hartford, CT

#1 Sep 15, 2008
So now that Wall Street has created the second crisis to our economy in less than ten years, the same politicians who gave free rein to Wall Street are climbing all over one another to talk about regulation. Clinton and his Wall Street buddy Treasury Secretary started it all with the Repubs, the other corporate party, all too happy to go along. Propaganda machines went to work extolling the "market economy" as the only game in town. Depression era securities laws were rewritten to loosen the reins. Included was the all-in-one approach to financial services. Investment banks were allowed to become giants as they could now deal in insurance and commercial banking. No one was worried about them becoming too big to fall. Now these Wall Street sharks who always rail against government interference, are with tails between their legs shuffling over to the Fed's discount window for taxpayer guaranteed loans. These new welfare Kings took home their multimillion bonuses while the scams were in high gear, and of course their platinum parachutes were at the ready in case they lose their jobs. These giants of big business, the avowed enemies of "socialism", are all for privatizing profits and socializing losses. Hopefully the people's losses won't be too massive but keep your fingers crossed. After all we're now the proud holders of 6 trillion dollars in Fannie and Freddie mortgage debt. We've become just like the former banana republics that we've foisted on Latin America. Ironically, except for Columbia, they are moving toward real democracy, having elected real reformers.
Gay

London, UK

#2 Mar 26, 2014
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Kharkov, Ukraine

#4 Mar 31, 2014
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