If only Greece were AIG

posted by
June 19, 2011
The American Prospect
by Robert Kuttner  
Posted in Commentary, PND Commentary

"Here comes Financial Crisis 2.0. Like its predecessor, it was caused by the banks. The first crisis was the result of banks inventing toxic financial products and then promoting bets on different kinds of securities with borrowed money. When the speculative bubble popped, tens of trillions of dollars in financial and housing assets vanished. At that point, governments and central banks stepped in and rescued the banks. The only thing that suffered was the rest of the economy." (06/17/11)



Our Sponsors