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 »
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Review
Story uses lots of graphs and charts to reinforce its point that the bubbles upon which Americans based their lives have burst, leaving everyone stuck with the residue pieces of debris. Implicit throughout the article is an undercurrent of legacy costs–the current hot-lash phrase to describe one of the evils of corporate behavior.
What this and other legacy cost articles conveniently ignore is that pensions and healthcare once comprised part of wage packages: “You don’t get more money because you’re also getting a pension and healthcare,” was the philosophy. That was before unrealistically astronomical healthcare costs and free-market-follies deregulation rendered these wage components the quintessence of evils.