We are not used to reading such scary analyses about the fragility of the economic order. Later, Fed officials admitted that they acted to save the system, not just one bank, fearing the collapse of any big major financial institution could bring others down given all the ways the banks are entangled with each other Full Story »
Posted by Michael greiner
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Puts together a solid narrative using strong media sources. I personally don't care for his style of writing, nor did I learn much from the analysis.
The article should also mention two other serious financial problems that are at least as significant as the subprime loan fiasco -- the terribly underestimated cost of the war in Iraq and the looming mega-crisis that will occur when we become seriously "upside-down" with respect to the nation's Social Security and Medicare commitments versus our ability to pay for them.
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