...financial MELTDOWN? Tom Hartman of KJFK "Progressive" radio, was featuring the documentary "INSIDE JOB" this evening on his program:http://www.youtube.com/watch?v=ffHFjlqIzKE
I'm certainly no economist and am able to understand "high finance", about as easily as I can comprehend Classical Greek - which is zilch. But it seems to me that the primary facilitator and therefore in my humble opinion culprit, is S & P: http://en.wikipedia.org/wiki/Standard_and_Poor%27s
For without their AAA rating of the mortgage bundles which if I understand correctly, were what most of the Derivatives consisted of, the financial fleecing and subsequent collapse of the financial system could not have occurred.
And isn't the Politics of government influenced by BIG MONEY, the real root cause, when all is said and done?
Am I right, or not; if not, what was the cause? Would really appreciate anyone helping me to get my head around this economic catastrophe.
Thanks,
Alberich
I'm certainly no economist and am able to understand "high finance", about as easily as I can comprehend Classical Greek - which is zilch. But it seems to me that the primary facilitator and therefore in my humble opinion culprit, is S & P: http://en.wikipedia.org/wiki/Standard_and_Poor%27s
For without their AAA rating of the mortgage bundles which if I understand correctly, were what most of the Derivatives consisted of, the financial fleecing and subsequent collapse of the financial system could not have occurred.
And isn't the Politics of government influenced by BIG MONEY, the real root cause, when all is said and done?
Am I right, or not; if not, what was the cause? Would really appreciate anyone helping me to get my head around this economic catastrophe.
Thanks,
Alberich