Author: Zaroc StoneZaroc Stone Date: Sep 16, 2008 08:03
Big Banks Go Bust: America's Financial System in Crisis
The Nation and Campaign for America's Future. Posted September 16,
2008.
Authors Bill Greider and Dean Baker argue that the latest Wall Street
woes expose the finance industry's deep need for reform.
Below are two key articles for understanding the current financial
crisis:
William Greider: "Creative Destruction"
The Nation
Dean Baker: "Time to Reform Wall Street"
Campaign for America's Future.
Creative Destruction
The epic deflation of Wall Street rolls forward like a blood-spattered
steamroller, claiming more important victims. It takes down noble old
names like Merrill and Lehman Brothers, destroys the savings of large
pension funds and mom-and-pop investors, throws tens of thousands of
financial workers out of jobs.
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