Robert Weissman: Deregulation and the Financial Crisis
It would be nice to write off the current crisis on Wall Street and global financial markets as something that only matters to the investor class.
Unfortunately, the effects are already being felt in lower-income communities around the United States. Worst-case scenarios for what spins out from the U.S. mortgage meltdown are truly frightening — a severe world recession is a distinct possibility.
Whether such worst-case scenarios can be averted, or softened — and preventing the recurrence of similar crises in the future — depends on abandoning the laissez-faire financial regulatory regime entrenched over the last decade.
The current crisis is the predictable (and predicted) result of a massive U.S. housing bubble, which itself can be traced in part to global economic imbalances that could have been prevented.
At least five distinct regulatory failures led to the current crisis. Click for more
admin :: Jan.22.2008 :: Seriously from huffpuff :: No Comments »
