From today's The Washington Post: "The turmoil in the U.S. credit markets turned global Thursday, prompting central banks in Europe and the United States to pump more than $150 billion into the financial system to keep it operating smoothly."The Sub-Prime Crisis Is Really A "Sub-Crime" Crisis: It Is Time To Investigate and Prosecute This ScandalThere comes a time when the frame of a news story changes. It happened in Iraq when the "war for Iraqi freedom" became seen as a bloody occupation, not a beneficent liberation. It is happening as the war on terror is increasingly perceived a war of error and when voting problems are reframed as electoral fraud.
And it will happen in the economic arena too, when we see the "subprime" credit crunch for what it is: a sub-crime ponzi scheme in which millions of people are losing their homes because of criminal and fraudulent tactics used by financial institutions that pose as respectable players in a highly rigged casino-like market system.
Suddenly, after years of denial and inattention, the press has discovered what they call "the credit crisis." Vague words such as "woes" are still being used to mask a financial calamity that some analysts are already calling an apocalpyse as lenders go under and the Stock Market melts down.
A French bank froze BILLIONS Thursday saying, "The complete evaporation of liquidity in certain market segments of the U.S. securitization market has made it impossible to value certain assets." Translation from the French: We are all in deep shit.
Full article here:
http://www.buzzflash.com/articles/contributors/1229
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