17 September 2008

"Wallstreet got drunk" Or how I learned to stop worrying and love the bomb(ed economy)

As of this morning, the federal government has put up about a trillion dollars of taxpayer money to float failing corporations who made risky investments through smoke-in-mirrors accounting. That would be more than 10% of the national debt for those who bother to keep track.

Robert Reich says it best:

We tell poor nations they have to make their financial markets transparent before capital will flow to them. Let's practice what we preach. Far better to regulate financial markets to keep them honest than to keep bailing them out.

More here

No comments: