Thursday, October 25, 2007 12:09:25 PM
Ref - http://counterpunch.com/whitney10232007.html?ref=patrick.net
Friday's bloodbath on Wall Street proved that the troubles in the credit markets have not been relieved by the Fed's rate cuts. Since Friday, Asian markets have plunged; stocks are down sharply in Japan, Australia, Hong Kong, Indonesia, Taiwan and South Korea. The global sell-off is a reaction to ongoing problems in the subprime market and deeper-rooted systemic issues related to the US's structured-debt model.
No one is interested in another scam like the new $100 billion "Bankers Bankruptcy Fund". All that does is provide the over-extended and under-capitalized investment banks another chance to dump their poisonous Mortgage-backed slop on the gullible public.
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