The international rate for overnight lending among banks has doubled, an expression of fear that describes the potential danger of a sudden freeze in lending, more or less everywhere. This feels ominously parallel to the financial chaos that followed the crash of 1929 and led to global economic collapse. Full Story »
Posted by Derek Hawkins
The article is a reasoned approach to the financial crisis, describing both the Federal Reserve and the government in neutral if not glowing terms for their rescue of insurance giant AIG. Of course, it's William Greider, a veteran journalist, and - yes, Virginia - it is an op ed, so no sourcing. Nonetheless, I'm a little surprised by Greider's dispassionate objectivity toward a subject (bailouts) that has some frothing at the mouth. Greider, while calm, is not optimistic, and points out that others like AIG are waiting in the wings with equally suspect derivatives.
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