Fearing a financial crisis worldwide, the Federal Reserve reversed course on Tuesday and agreed to an $85 billion bailout that would give the government control of the troubled insurance giant American International Group. Full Story »
Posted by Woozy Duck
It is a good story describing the "panic" of a lot of very high rollers scrambling to get their life jackets on and to rearrange the deck chairs (their personal interests) as the ship (which they themselves torpedoed) is sinking. IT GIVES ABSOLUTELY NO CONTEXT pertaining to the ROOT CAUSE of the crisis. It can be pinpointed EXACTLY to legislation DESIGNED to cause this event. PLEASE DO NOT REVIEW THIS WITHOUT CHECKING OUT MY LINKS BELOW. The new Republican "contract on America" legislation in 1995 was the torpedo. Even the staunchest Republicans of Money Magazine were begging Pres. Clinton to veto what Dole and Gingrich were congering up.
At least some reference to the “ENABLING” legislation and the culprits who designed it. Enron and all the other “financial” crisis were enabled by the “free ranging cowboy” deregulation of the new Republican era.