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

The new Home-less in US

Ever since the US sub-prime(real estate) credit crisis started, life has never been the same for many of the America's middle class, the rot is so deep and contagious that it has begun to show up in the streets. The news story which I went through highlights some of these stories which are increasingly taking place across the America's once vibrant middle class. Jobs have been lost and in the course homes too result, the citizens are now spending their nights in their 4X4 homes parked in the lots.

You can read the full story here

An Excerpt from the article:

In a car park across the street from luxury mansions, the evening brings a strange sight. A few cars arrive and take up spaces in different corners. In each car, a woman, perhaps a few pets, bags of possessions and bedding. Across the street from homes with bedrooms to spare, these are Santa Barbara’s car sleepers. Homeless within the last year, they are a direct consequence of America’s housing market collapse.