Isn't it refreshing to know that the eagle eyes over at the Wall Street Journal, in fact, the US financial media in general is looking out for those of us who rely on our banking system? The collapse of the sub-prime mortgage market and its attendant ill effects have negatively impacted US banks to such an extent that they were recently forced to secretly borrow money from the Fed, as much as 50 billion dollars to date. That's Fed as in taxpayer. This disturbing fact was a "secret" because it wasn't published in the US. Unless you were a subscriber to the London Financial Times
you missed it.
2 comments:
Heard on news today home mortgage defaults are up 52 per cent!! Don't see that on SCC. Nope, no siree, Bob.
It's only going to get worse too. The next president, no matter who or what party, is in for some bad times.
leftisthebest
What's worst is that Washington's "solutions" don't address any of the core defects in the financial industry at all. I think I'll post a piece I read on Counter-punch the other day about this very subject.
Post a Comment