It’s now clear that our credit system the world over was rotten all the way through, a giant house of cards maintained by the ingenious connivance of banks, rating agencies and insurance companies in a monumental heist. The only buyers anyone trusts any more are governments.This is what happens when you leave capitalists solely to their own devices. Imagine spreading this philosophy to other sectors like for example, food processing. Oops, we don't have to imagine. We have already done that. Recommend this Post
No wonder Alan Greenspan says he’s in a state of “shocked disbelief.” He’s not the only one.
Monday, October 27, 2008
Roger Cohen in the NY Times, today: