January 23, 2008
Panic! At the Trading Floor
Robert Reich in a Salon.com article titled The politics of an economic nightmare:
In reality, the crisis is both a credit crunch and the bursting of the housing bubble. Wall Street is in terrible shape and Main Street is about to be in terrible shape. And there's not a whole lot that can be done about either of these problems -- because they are the results of years of lax credit standards, get-rich-quick schemes, wild speculation on Wall Street and in the housing market, and gross irresponsibility by the Fed, the Treasury and the Comptroller of the Currency.
23 Jan 21:24 | Link | Category: Current Events, Politics