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A Power That May Not Stay So Super - NYTimes.com
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“The political system does not deal well with gradual, long-term problems,” Peter Orszag, the director of the Congressional Budget Office, said. “It deals with crises, often imperfectly, but it does deal with them. The current experience makes the case.”
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The Big Takeover : Rolling Stone
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So it's time to admit it: We're fools, protagonists in a kind of
gruesome comedy about the marriage of greed and stupidity. And the
worst part about it is that we're still in denial — we still
think this is some kind of unfortunate accident, not something that
was created by the group of psychopaths on Wall Street whom we
allowed to gang-rape the American Dream.
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The Quiet Coup - The Atlantic (May 2009)
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The crash has laid bare many unpleasant truths about the United States. One of the most alarming, says a former chief economist of the International Monetary Fund, is that the finance industry has effectively captured our government—a state of affairs that more typically describes emerging markets, and is at the center of many emerging-market crises. If the IMF’s staff could speak freely about the U.S., it would tell us what it tells all countries in this situation: recovery will fail unless we break the financial oligarchy that is blocking essential reform. And if we are to prevent a true depression, we’re running out of time.
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Joseph Stiglitz: "It's going to be bad, very bad" | Salon News
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April 3, 2009 |
Many people are comparing the financial crisis to the Great Depression. Will it really be that bad?
It's going to be bad, very bad. We're experiencing the worst downturn since the Great Depression, and we haven't reached the bottom yet. I'm very pessimistic. Governments are indeed reacting better today than during the global economic crisis. They're lowering interest rates and boosting the economy with economic stimulus plans. This is the right direction, but it's not enough.
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The Raw Story | Economist: US collapse driven by 'fraud,' Geithner covering up bank insolvency
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In an explosive interview on PBS' Bill Moyers Journal, William K. Black, a professor of economics and law with the University of Missouri, alleged that American banks and credit agencies conspired to create a system in which so-called "liars loans" could receive AAA ratings and zero oversight, amounting to a massive "fraud" at the epicenter of US finance.
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