Don’t blame the New Deal for today’s financial crisis
IHT - It was in the Bush years that anti-regulation and deregulation found full expression, fueled by an ideology that markets know best, government hampers markets, and problems will fix themselves. America is now painfully relearning that the opposite is true.
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Fortis and the need for urgent European reforms
Financial Times, by D. Gros and S. Micossi - Europe’s universal banks were supposed to be immune to the fallout from the subprime crisis. But we are now discovering that any financial institution is vulnerable if its leverage is too high. The key issue for Europe is not only that its largest banks are vulnerable because they have high leverage, but that they have grown too big to be saved by any single government.
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What’s Worse Than a Flawed Bailout?
NY Times - The question now is whether the stock-market plunge that followed the House’s failure to lead — and a renewed credit freeze — will be enough to get the 133 Republicans who voted against the measure to change their minds. And, more important, whether the damage that the no vote has inflicted is readily reversible.
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The free market preachers have long practised state welfare for the rich
Guardian by George Monbiot - Any subsidies eventually given to the monster banks of Wall Street will be as American as apple pie and obesity. The sums demanded may be unprecedented, but there is nothing new about the principle: corporate welfare is a consistent feature of advanced capitalism. Only one thing has changed: Congress has been forced to confront its contradictions. One of the best studies of corporate welfare in the US is published by my old enemies at the Cato Institute. Its report, by Stephen Slivinski, estimates that in 2006 the federal government spent $92bn subsidising business. Much of it went to major corporations such as Boeing, IBM and General Electric.
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‘We Were All Staring into the Abyss’
Spiegel - German Finance Minister Peer Steinbrück about the roots of the US credit disaster, whether Germany is in grave danger and what the future has in store for world banking.
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The end of the Reagan Revolution
Guardian by Steven Guess -Republicans killed the $700bn Wall Street bail-out plan, but their vision of laissez-faire capitalism won’t survive this crisis
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Panic grips world’s markets
Guardian - The US government’s $700bn bail-out of the banking industry collapsed yesterday as Congress defied the White House by voting down the plan, sending Wall Street stocks plummeting and spreading shockwaves through the global economy.
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Hidden histories
Boston Globe - Recent advances in archeology and linguistics offer the strongest support yet that the Trojan War did take place, with evidence coming from the large excavation at the likely site of Troy, as well as new analysis of cuneiform tablets from the dominant empire of the region.
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