Party Like Its 1929: Understanding the Crisis on Wall Street
It has been a dramatic moment on Wall Street; first Bear-Sterns and then Lehman Bros. went bankrupt. Then insurance giant AIG was 'rescued' by the US Treasury and now, $700 billion in bailouts are proposed for the rest of banks that are teetering on the edge of collapse.
As one major US financial concern after another succumbs to the burst of the housing bubble, I have had a hard time understanding the crisis by reading the mainstream press alone. To me, the articles in the New York Times and Wall Street Journal have, at best, conveyed a sense of importance and urgency about these financial failures while pinning hopes for economic recovery on ever-increasing tax-payer generosity.
To try and get a clearer look at what all the drama is about, I had to search elsewhere. Below are some of the best analysis and commentary I found, with the help of friends and comrades. Please post additions in the comments!
- Doug Henwood in the Left Business Observer: Reflections on the current crisis
- Reflections on the current crisis, Part 2
- The Monthly Review: July 2007 Notes from the Editors
- Democracy Now!: Fed Bailout of Bear Stearns First of its Kind Since Great Depression
And of course, the ongoing coverage in Against the Current: