Wall-Street Financial Crisis: An Overview

The American Financial Institutions repeatedly opposed calls for greater transparency as to how they carry about their International Financial Transactions, this was the widespread view of the G8 members headed by Germany.

The Economic crisis at the Wall-Street has spiraled and has cast a shadow on markets around the world from Europe to Asia, things are never going to be the same again. The bail out which lost out on vote on Monday is being pushed ahead again by the Bush Administration which hopes that will help ease the financial crunch in the cash starved banking corporations.

The political fall out of the crisis was so huge, millions of Americans followed the debate between Barack Obama and John McCain live which took place in Mississippi to know which way the country is moving ahead.



There are some views though on what led to the current crisis take shape according to this news story, which says, the American Financial Institutions repeatedly opposed calls for greater transparency as to how they carry about their International Financial Transactions particularly hedge funds but also were insensitive to the considerable amount of risk involved in carrying out those murky transactions.

Further reading:

1.Don't be Panicked
2.Gigantic Fraud
3.Crisis (Marxian)- Economic Crisis - Wikipedia Article