Saturday, October 11, 2008

John Bird and John Fortune: Subprime Banking Mess

For the weekend, a guilty pleasure.

Crisis, what crisis? This is a few months old, but British satirists explain all . . .

Since when fears have now spread to . . . Credit Default Swaps: financial times

Short of cash and/or fearful about the dire straights of the credit and money markets as well as the looming recession, market investors have now been fleeing stock markets worldwide: bloomberg

Hence the intervention of the State. By the way, contrary to what many popular commentators have said, this is not socialism for the rich, merely another example of protecting the powerful and rich, state capitalism: wikipedia

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