I just watched an excellent CBC (Canadian) News piece about the US foreclosure mess....

[marmar]

.... it focused on Cleveland, and showed how the foreclosure crisis is devastating neighborhoods, and the whole city (1 in 10 homes in Cleveland is in foreclosure).
And, hold on to your seatbelts, the reporter blamed it on greed-driven free-market capitalism without regulation. :wow: No pre-qualifying the statement, no "analyst X said," the reporter just came out and said it, point blank.
Can you imagine any reporter on our crackerjack MSM making such an assertion? :think:

The CBC is one of the many benefits of living in a border state. :)

[nadinbrzezinski]

1. What, they covered the news?

just one quibble though, what we live on is not capitalism... at least not what Adamn Smith envisioned

He was as much against monopolies as many of us are, for example

[robinlynne]

3. The OP said "free-market, greed driven capitalism without regulation".

I think that about sums it up.

[sailor65]

2. It's 1 in 5 here n/t

[liberalmuse]

4. Yeah, they can actually say stuff like that in Canada...

without worrying about getting oodles of death threats or fundie wingnut firebombs being tossed through their windows.

[Lisa]

5. it may be available online soon

http://www.cbc.ca/national/comingup.html

Is this the piece you were referring to, marmar?

"Wednesday, September 19, 2007
Wendy Mesley is hosting this evening.
CURRENT AFFAIRS
NATIONAL EXPERIENCE -'GIMME SHELTER'
The National takes a look at the housing market -- where it's booming in Canada and how it's busting south of the border. Stories include: Neil Macdonald takes us to a neighbourhood in Cleveland, Ohio where an estimated one in ten homes has foreclosed; Havard Gould looks at the five per cent of the Canadian market that is sub prime; Mellissa Fung takes us to Estevan, Saskatchewan where the housing market is booming; and next door in Alberta, in a province that has experienced a huge housing boom, Carolyn Dunn reports on safety concerns around the rapid construction that occurred to accommodate the demand."

I have to admit that as a Canadian, there are times when I feel I am getting much more than my taxes' worth from the CBC -- the "Toxic Legacy" documentary they ran last week, about the 9/11 workers, made me want to rush over to the CBC station downtown and empty my wallet onto the receptionist's desk, begging them to take the money and make more programming like that.

[marmar]

6. It is indeed, Lisa, and thanks for the link.....

I hope it's available online, so I can show it for more people.

[Double T]

7. The Canadian stations are GREAT! Get mine out of Toronto.

Canada is certainly not the USA; there is no doubt that it is a totally separate country. The cnbc business propaganda network is continually trying to convince themselves and their viewers that wall street isn't burning; it would be hysterically laughable if it weren't so horribly sad and serious.

[marmar]

10. It is horribly sad and serious.....

CNBC's "analysts" are nothing but a Wall Street cheerleading squad.

[rodeodance]

8. how sad for these families.

[in_cog_ni_to]

9. News piece?

What's that?

[Bozita]

11. Here's a link to the the video of the newscast ...

http://www.cbc.ca/national/latestbroadcast.html

Link will be operative until approximately 11pm EDT tonight.

I watched this newscast live last night and I strongly recommend it to fellow DUers. It's stunning.

[marmar]

12. Thanks for the link, Bozita....

:hi:

[Bozita]

13. You're welcome. The CBC really did a terrific job with the story.

[Robbien]

14. Really the hedge funds placing their hedge bets

pyramiding huge hedge funds based on the greed of predatory lenders is what got us into this mess, but at least CBC started out on the right foot calling a predator a predator.

So at least there's that. Detroit is so close, but so far away in options of news viewing.

[RainDog]

15. kick n/t

[Lint Head]

16. The economy is in major trouble.