The end of the “Gimme…, Gimme…” era?
In the red-golden glow of the global financial crisis, many are looking inwards to see how they allowed it to happen. Skeptics of globalization such as Korten, Stiglitz, Ralston Saul and Pilger envisioned the collapse and warned of the impending apocalypse fueled by consumerism and greed. Their warnings were left unheeded. The very foundations of US capitalism seem to have been ravaged. Heidi Crebo-Rediker, Co-Director, Global Strategic Finance Initiative, New America Foundation and Former Managing Director/Head of European Debt Capital Markets, Bear Stearns catured the sentiment; “What happened over this past week to US capitalism is truly historic.” Since 1864, American banking has been split into commercial banks and investment banks. But now that’s changing. Bear Stearns, Lehman Brothers, Merrill Lynch, some of the biggest names on Wall Street have disappeared into thin air. Goldman Sachs and Morgan Stanley are the only giants still standing. The idea of the free-market economy is challenged. The near nationalization of AIG, America’s largest insurance…
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