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Wall Street Casino and the Crash of 2008

Naive belief in the "free market," de-regulation of the financial systems, less government oversight, and similar economic and political policies laid the groundwork for the latest "bubble" that burst.   Here are the assumptions, policies and realities that caused our current economic crisis.  



Joseph Stiglitz connects the dots in this interview with Amy Goodman of Democracy Now!   Lack of faith in a “stimulus” for people, but lots of faith in the bailout for banks; campaign contributions that blur reality for their recipients; deregulation; foreign campaigns that don’t help the economy . . . 
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Let It Die, by Douglas Rushkoff, Arthurmag.com, March 15, 2009 

This article traces the history of corporations and their contribution to the meltdown.  Tear it all down!   With any luck, the economy will never recover (and we can create something just and sustainable in its place).

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The Crisis Continues:  Bank Stock Is Rising But The Economy Is Still Tanking.    "Economic Crisis in 2010 and Beyond:  Job losses will continue to rise."  Printed January 2010 By Jack Rasmus, ZMag.com

 American businesses still can't get loans, unemployment is high, more homes are in foreclosure, despite the bailout of the banks and their apparent success.  What's happening?

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Financial Meltdown 101,  by Arun Gupta, Indypendent. Posted October 13, 2008.

How they created those tranches, and what a  securitized debt obligation is, or a credit default swap.   Also -- most hard to understand -- why the gambling losses of a bank can affect the operations of a company far removed from the scene of big finance.

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The Great American Bubble Machine:  "Inside the Great American Bubble Machine," by Matt Taibbi in Rolling Stone.  Posted July 2, 2009.

From tech stocks to high gas prices, Goldman Sachs has engineered every major market manipulation since the Great Depression - and they're about to do it again

The formula is relatively simple: Goldman positions itself in the middle of a speculative bubble, selling investments they know are crap. Then they hoover up vast sums from the middle and lower floors of society with the aid of a crippled and corrupt state that allows it to rewrite the rules in exchange for the relative pennies the bank throws at political patronage.

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5 Ways the Government Used Our Money to Save Big Banks and Screw Us,  by Nomi Prins and Christopher Hayes, The Nation. Posted September 26, 2009.

This article uses Joe and Katie Hazzard as stand-ins for the gamblers in Big Finance, showing what they did and what the government did for them.  

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