Tag: Financial crisis

Original article, an editorial subheaded The neoliberal dogmas that have dominated for more than 25 years are discredited, but they need to be replaced by more than proposals for re-regulating the banks, via socialisworker.org:

THE WORLD financial system is in the grip of the most severe crisis since the Great Depression of the 1930s–and there’s worse to come, not only for the banks and speculators of Wall Street, but far beyond, in every part of the U.S., and around the globe.

Original article by Barry Grey, via World Socialist Web Site:

The end of Lehman Brothers and Merrill Lynch, two of the largest Wall Street investment banks, one week after the government takeover of the mortgage finance giants Fannie Mae and Freddie Mac, marks a new stage in the convulsive crisis of American capitalism.  

Who Needs Regulations When You’ve Got a Golden Parachute? by Ralph Nader, and A Temporary Respite from Permanent Decline by Paul Craig Roberts: Both via counterpunch.com.

Stirling Newberry coined a brilliant phrase a few years ago: “A bubble is the monetization of stupidity.” Looking at the growing evidence of a financial meltdown in the US economy, I would argue for a broader assertion: recent American prosperity has been based on the monetization of dishonesty. Ever since the savings and loan scandal of the Reagan years, large-scale financial corruption seems to have become endemic to the US economy. This diary lists some of the evidence and addresses the unpleasant conclusions.