The black hole in financial markets
Subprime mortgages were the beginning, not the end, of a global financial crisis, and in recognition of this fact equity markets have crashed. Full Story »
Posted by Derek HawkinsTo:
Separate email addresses with commas.
25 recipients max.
Note:
Review
This in depth, but readable, analysis tells Americans that they've been living in a fairyland; "what they thought was a stable net worth (home equity and an equity portfolio) was no such thing, and that such obligations as pensions and life and health insurance are far less secure than they thought." And what is true of householders is doubly so for businesses and pension funds, with a "collapse of consumer spending, which leads to a rise in unemployment, which in turn erodes the value of commercial property, and so forth." Each of us will feel crunched, and in the end, "The American economy may be hard to recognize afterwards."
Few dare to say what is becoming obvious, that corporate capitalism is rotten to the core, and a very different set of economic principles must evolve.