By Danny Schechter.
California Real Estate Insider Sues Financial Greed Industry In The Public Interest
It has been nearly a year since what we now know as the subprime crisis melted down the markets, caused banks to begin writing down assetless assets and forced The Federal Reserve Bank to come to the attempted rescue of the American economy by injecting billions of dollars into the banking system and cut interest rates seven times
It has been nearly a year since this crisis began to ricochet through our financial system and the world like an out of control virus intensifying the number of foreclosures and compelling investigations by State and federal agencies, including the FBI. In the interim, the “contagion” of our financial system has not been contained and has in fact spread worldwide, led in part to massive hikes in the cost of oil, slowdowns in credit systems, unemployment and inflation, and I can go on.
This system failure has been called a “market correction” by some, and just another bust in the business cycle that regularly builds bubbles that burst. So many institutions, regulators and corporate oversight bodies have aided and abetted this crisis that it seems as if there is no one to blame or hold responsible, except perhaps the mostly small fries that have already been busted.
The Bank of International Settlements says the world economy may be “at some kind of tipping point,” adding, to underscore the sense of panic in high places, “these fears are not groundless.” At the same time it does not want to “apportion blame,” perhaps because so many are complicit and ignored warnings. The scale of the dodgy credit derivatives at the heart of this mess has grown an “eye-popping” 10,000 percent in seven years according to an official report quoted by London’s Financial Times.
http://www.mediachannel.org/wordpress/2008/07/07/michael-row-your-case-ashore-one-man-against-the-machine/
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
