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The Fleecing of America

By The Editors

Yes, greed fueled the crisis, but Cohen pinpoints what's unique about our penchant for financial manias: "...the U.S. economy is being socialized to the tune of $700 billion ($2,000 for every man, woman and child in the country) as a result of a giant mortgage-related Ponzi scheme... Let’s be clear: this is an American mess forged by the American genius for new-fangled financial instruments in an era where the mantra has been that government is dumb and the markets are smart and risk is non-existent."

Posted 9/23/08 at 2:52 AM