January
16th 2009
Posted under Economics
I’d highly recommend William J. Quirk’s article, “The Financial Crisis: How it happened, and why it is still happening,” in the February 2009 issue of Chronicles Magazine (which is in print, so you’ll have to subscribe). This article by far is the single best explanation I’ve read on our current predicament. Quirk does an outstanding job outlining the problems with the derivatives market, the hypocrisy of our leaders, the shortsightedness of the financial bailout, and President Clinton’s repeal of the Glass-Steagall Act.
roho on 17 Jan 2009 at 1:30 pm #
“500 trillion dollars in derivatives…Sit atop world GDP of 60 trillion” 1-27-08
Helped me understand the history of this crisis as well. (I will be stocking can goods!)
I have accepted the reality that there are “International Banking Families” that are to Banking what “Einstein” was to Physics! They do as they wish with the “Wealth Of The World”, and governments can not stop them. As the world was once based on the “British Sterling Pound”, they now intend to “Crash” the U.S. Dollar, and manipulate world currency once again, and ignorant, corrupt, politicians are nothing more than pawns and useful idiots to them. They determine all WARS, and Government’s actually borrow from them.
Bill Lussenheide on 18 Jan 2009 at 12:10 am #
Proverbs 22:7-
The borrower is servant to the lender.
roho on 18 Jan 2009 at 7:54 pm #
I’ve always found it odd that virtually noone wonders how an average student from “Hope Arkansas” was offered a “Rhoades Scholorship”?(Bill Clinton)……….Must have been his jump shot?
Cecil Rhoades controled Diamonds, not basketball.
Tom Piatak on 20 Jan 2009 at 4:19 am #
Yes, Quirk’s article is outstanding. Thanks for highlighting it.
Weaver on 21 Jan 2009 at 8:25 pm #
For some reason I’m no longer receiving Chronicles in the mail.
I’ll have to send them an email and see if my subscription ran out, though I think it’s because I moved.