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Food for the Poor Godspy.com: Faith at the Edge

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News: Issues

Anglican bishops decry the ‘new creed’ of extreme capitalism

A trillion for the Iraq War, almost as much to rescue Wall Street, but basic health care for all is too expensive? Why aren't Christian leaders in the U.S. saying as much? In England it's a different story: "[T]he Archbishop of Canterbury, Dr Rowan Williams, warned in a magazine article that modern devotion to the free market is a form of idolatry and that Karl Marx was morally right in his analysis of the power of 'unbridled capitalism.' He believes that Marx's economic theories, as implemented by authoritarian state regimes, have proved equally wrong and harmful to unfettered market ideology, but that the protest against a greed-driven system is one that should be taken seriously." READ MORE >


News: Business

Ironic Speculation: Investment banks seek protection against short-selling

In an effort to slow panic selling, the SEC will try to force hedge funds to disclose their short selling positions. What's ironic is who's cheering the agency on: "Morgan Stanley and Goldman are the only two of the formerly five major Wall Street brokerages standing alone, and that is believed to have made them targets of speculators... Last week Lehman was the subject of a massive sell-off that eroded confidence in its business and sparked a funding crisis that ultimately led to its demise. 'It's very clear to me we're in the midst of a market controlled by fear and rumors, and short sellers are driving our stock down,' Morgan Stanley CEO John Mack said in a memorandum to employees Wednesday. 'You should know that the management committee and I are taking every step possible to stop this irresponsible action in the market.'" READ MORE >


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