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An American Crisis

The current crisis threatening the economy has been called a financial crisis, it has destroyed the entire investment banking industry, led to the nationalization of several major financial businesses, and is now causing a stolidly Republican administration to organize a safety net for banks that may cost $700 billion. This all seems entirely financial, but […]

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The End Of Capitalism?

It’s easy for ‘old timers’ like me to get all reflective at this moment of supreme chaos in the financial system. But allow me to pass on this comment from Irwin Kellner: Brave new world for financial markets – MarketWatch I remember Kellner from back in the dull days before deregulation. He makes the comment […]

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The End of an Era

This evening’s announcement that Goldman Sachs and Morgan Stanley will become bank holding companies and thus cease being investment banks ends the era of banking that dates back to 1933 when the Glass-Steagall act put a wall between the two kinds of banking. As of now there are now large stand alone investment banks. Here’s […]

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