Ellen Brown: A crisis in a major nation such as Spain or Italy could lead to a chain of defaults beyond anyone’s control, and beyond the ability of federal deposit insurance schemes to reimburse depositors.
Ellen Brown: “Too big to fail” now trumps all. Rather than banks being put into bankruptcy to salvage the deposits of their customers, the customers will be put into bankruptcy to save the banks.
Ellen Brown: When Americans realize that the alternative is to have their ready cash transformed into “bank stock” of questionable marketability, moving failed mega-banks into the public sector may start to have more appeal.
Ellen Brown: The push to confiscate the savings of hard-working Cypriot citizens is a shot across the bow for every working person in the world, a wake-up call to the perils of a system in which tiny cadres of elites call the shots and the rest of us pay the price.
Robert Reich: If you took the greed out of Wall Street all you’d have left is pavement. The problem is endemic abuse of power and trust.
by Robert Reich — According to Treasury Secretary Hank Paulson, the biggest Wall Street banks now getting money from the government are just “too big to fail.” Fed Chairman Ben Bernanke uses a different euphemism – he calls them “systemically critical.” The point is that if any of them goes down, it could take the […]
It is tempting to view the current economic crisis as a problem for Wall Street and Washington, D.C. However, a local resident can learn all that’s needed about the impending financial meltdown simply by standing on the northeast corner of Lake Avenue and Colorado Boulevard in Pasadena, California. From there, the entire crisis can be […]