Black Monday One Year On and It Isn't Over...
EpSil0n-// <[email protected]> Thu, 17 Sep 2009 09:29:55 -0500 (CDT)
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Black Monday one year on: whats in sight?
15 September, 2009, 08:28
September 15 marks the economic 9/11 that shook the US last year. Global
financial services firm Lehman Brothers collapsed and became a symbol of
the largest bankruptcy in American history.
Yahoo StumbleUpon Google Live Technorati
Scoop del.icio.us Digg Sphinn Furl Reddit
It also caused a global downturn which many were not prepared for. The
past year has seen global economies brought to their knees, forcing
governments to rethink and rebuild.
Now some are saying that the worst has passed and economies are beginning
to revive both on national and international levels.
As for the United States, President Barack Obama is optimistic about the
countrys situation:
We can be confident that the storms of the past two years are beginning to
break, he said on Monday, speaking at Wall Street in New York.
Despite the positivity, some say recovery and relief are nowhere in sight.
Among them is trends forecaster Gerald Celente.
It hasn't ended. That was only the beginning. We are going to see a lot
more. There is no recovery, it's a cover-up. They're covering it up with
stimulus packages, with buy outs, with bailouts its not going to fix the
problem, Gerald Celente believes.
Fifteen million people in America are jobless, and what caused this did
not happen overnight.
Let's put it this way: in order to have a 20 to 30 trillion dollar global
blow-up, you don't have a few bad apples and you don't have a few simple
mistakes you have everybody basically bought in on a system thats
fundamentally unsound, says New York-based financial analyst and
journalist Max Wolff.
With the unemployment rate in the double digits, millions have lost their
homes.
Italo used to work in construction, but after losing his job, he ended up
on the street. Now he is unable to support his two daughters. Every night
he goes to a New York shelter for homeless people.
I couldn't get a job. I found a job off the books, you know, where it was
two or three days out of the week, and some weeks it was not even one day.
It was pretty hard, Italo says.
Another person at the shelter, Arlo, lost all of his savings almost in the
blink of an eye. With that, he also lost hope, and turned to drugs and
alcohol.
I got laid off. Then I started dipping into my savings. I lost a hundred
and fifty grand in a matter of a couple of days due to companies going
under and the stock market crashing, Arlo recalls.
Like millions of Americans, these people went from feeling safe and secure
to having nothing.
In his documentary, filmmaker and blogger Danny Schechter dissects why
America's economy collapsed. He calls the whole thing a crime story.
People are suffering, but the people on Wall Street who are responsible
for this crisis have yet to be held accountable, have yet to be punished,
have yet to even be investigated in any serious way, Danny believes.
While accountability is still in the offing for those who may have caused
the financial collapse, this man didn't manage to escape punishment.
Sam Antar is a former white collar criminal, who says he used to rip off
people and institutions. Why? He says for fun and profit.
The former fraudster says there are many still out there just like him who
have been having a blast on Wall Street before everything was revealed:
White collar crime is very complicated, very complex. It needs enormous
resources to investigate. We have less resources investigating white
collar crime in the United States of America than we have police officers
in the city of New York.
So could it be way too early for Americans to even start thinking of
throwing on the party hats? Danny Schechter is not sure at all.
When I read Warren Buffet one of the top investors in America saying we
haven't solved the problems yet, and that he is taking his money out of
the stock market because he thinks it's very volatile then you realize
this crisis is much deeper than people are telling us, Schechter says.
Financial analyst Max Wolff agrees that recovery for now is a myth:
We have done almost nothing to solve any of our structural economic
problems. In our recovery of the last six months, we have seen the lives
of the bottom 80% of Americans get harder every day.
http://www.russiatoday.com/Top_News/2009-09-15/lehman-brothers.html
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<p><br>
Black Monday one year on: whats in sight?<br>
<br>
15 September, 2009, 08:28<br>
<br>
September 15 marks the economic 9/11 that shook the US last year. Global <br>
financial services firm Lehman Brothers collapsed and became a symbol of <br>
the largest bankruptcy in American history.<br>
Yahoo StumbleUpon Google Live Technorati<br>
Scoop del.icio.us Digg Sphinn Furl Reddit<br>
<br>
It also caused a global downturn which many were not prepared for. The <br>
past year has seen global economies brought to their knees, forcing <br>
governments to rethink and rebuild.<br>
<br>
Now some are saying that the worst has passed and economies are beginning <br>
to revive both on national and international levels.<br>
<br>
As for the United States, President Barack Obama is optimistic about the <br>
countrys situation:<br>
<br>
We can be confident that the storms of the past two years are beginning to <br>
break, he said on Monday, speaking at Wall Street in New York.<br>
<br>
Despite the positivity, some say recovery and relief are nowhere in sight. <br>
Among them is trends forecaster Gerald Celente.<br>
<br>
It hasn't ended. That was only the beginning. We are going to see a lot <br>
more. There is no recovery, it's a cover-up. They're covering it up with <br>
stimulus packages, with buy outs, with bailouts its not going to fix the <br>
problem, Gerald Celente believes.<br>
<br>
Fifteen million people in America are jobless, and what caused this did <br>
not happen overnight.<br>
<br>
Let's put it this way: in order to have a 20 to 30 trillion dollar global <br>
blow-up, you don't have a few bad apples and you don't have a few simple <br>
mistakes you have everybody basically bought in on a system thats <br>
fundamentally unsound, says New York-based financial analyst and <br>
journalist Max Wolff.<br>
<br>
With the unemployment rate in the double digits, millions have lost their <br>
homes.<br>
<br>
Italo used to work in construction, but after losing his job, he ended up <br>
on the street. Now he is unable to support his two daughters. Every night <br>
he goes to a New York shelter for homeless people.<br>
<br>
I couldn't get a job. I found a job off the books, you know, where it was <br>
two or three days out of the week, and some weeks it was not even one day. <br>
It was pretty hard, Italo says.<br>
<br>
Another person at the shelter, Arlo, lost all of his savings almost in the <br>
blink of an eye. With that, he also lost hope, and turned to drugs and <br>
alcohol.<br>
<br>
I got laid off. Then I started dipping into my savings. I lost a hundred <br>
and fifty grand in a matter of a couple of days due to companies going <br>
under and the stock market crashing, Arlo recalls.<br>
<br>
Like millions of Americans, these people went from feeling safe and secure <br>
to having nothing.<br>
<br>
In his documentary, filmmaker and blogger Danny Schechter dissects why <br>
America's economy collapsed. He calls the whole thing a crime story.<br>
<br>
People are suffering, but the people on Wall Street who are responsible <br>
for this crisis have yet to be held accountable, have yet to be punished, <br>
have yet to even be investigated in any serious way, Danny believes.<br>
<br>
While accountability is still in the offing for those who may have caused <br>
the financial collapse, this man didn't manage to escape punishment.<br>
<br>
Sam Antar is a former white collar criminal, who says he used to rip off <br>
people and institutions. Why? He says for fun and profit.<br>
<br>
The former fraudster says there are many still out there just like him who <br>
have been having a blast on Wall Street before everything was revealed:<br>
<br>
White collar crime is very complicated, very complex. It needs enormous <br>
resources to investigate. We have less resources investigating white <br>
collar crime in the United States of America than we have police officers <br>
in the city of New York.<br>
<br>
So could it be way too early for Americans to even start thinking of <br>
throwing on the party hats? Danny Schechter is not sure at all.<br>
<br>
When I read Warren Buffet one of the top investors in America saying we <br>
haven't solved the problems yet, and that he is taking his money out of <br>
the stock market because he thinks it's very volatile then you realize <br>
this crisis is much deeper than people are telling us, Schechter says.<br>
<br>
Financial analyst Max Wolff agrees that recovery for now is a myth:<br>
<br>
We have done almost nothing to solve any of our structural economic <br>
problems. In our recovery of the last six months, we have seen the lives <br>
of the bottom 80% of Americans get harder every day.<br>
<br>
<a href="http://www.russiatoday.com/Top_News/2009-09-15/lehman-brothers.html">http://www.russiato<wbr>day.com/Top_<wbr>News/2009-<wbr>09-15/lehman-<wbr>brothers.<wbr>html</a><br>
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