Three of the top five Wall Street investment banks are no longer independent or no longer exist. ++ The US financial system is “melting away.” ++ Undue faith in unregulated markets led to dubious risk taking in the US as well as in Europe. ++ The worst is yet to come: Government bailouts for private sector financial industries are looking “increasingly likely.” ++ The
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The inner-workings of the sub-prime crisis in the United States are explored by the BBC. Scrutinized are its origins and its effects, but particularly the role of the mortgage bond market in the outcome and current challenges.
The city of Cleveland is used as a representative example of the complications, given financial institutions capitalized on its predominant character as working-class,
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