Everyone in Congress knew the 2008 bailout was politically toxic, but it was supposed to pass. When it didn't, there was no Plan B.
The country's been imposing strict austerity measures on Greece. Now, its largest bank needs help.
Last week marked the 8th anniversary of the collapse of Lehman Brothers, the huge Wall Street investment bank. This bankruptcy sent financial markets into a panic with the remaining investment banks, like Goldman Sachs and Morgan Stanley, set to soon topple.
Given the rush, it is hardly a surprise that there was a fundamental misdiagnosis of the origins of the crisis. The simple
As it turns out, the business-cum-government monopoly looks little different than bad forms of communism because it is them (not the people) who plan out (and fix) the economy from the centrality of their own interests. And there is a name for this--it's called, Neoliberalism.
It is time to break out one of our two family rules again: It is impossible to compete with unintentional self-parody. How fraudulent is finance even now?