The Big Takeover: The global economic crisis isn’t about money – it’s about power.

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Illustration by Victor Juha

http://www.rollingstone.com/politics/story/26793903/the_big_takeover/

MATT TAIBI – ROLLING STONES

It’s over — we’re officially, royally fucked. No empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline — a corporation that got rich insuring the concrete and steel of American industry in the country’s heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables, like a dissolute nobleman gambling away the family estate in the waning days of the British Empire.  http://www.rollingstone.com/politics/story/26793903/the_big_takeover/

The Fall of Wall Street: Stiglitz on the Current Crisis

http://www.huffingtonpost.com/nathan-gardels/stiglitz-the-fall-of-wall_b_126911.html?view=print

Joseph Stiglitz was awarded the Nobel Prize for Economics in 2001. I spoke with him Tuesday about the Wall Street meltdown.

Nathan Gardels: Barack Obama has said the Wall Street meltdown is the greatest financial crisis since the Great Depression. John McCain says the economy is threatened, but fundamentally strong. Which is it? Continue reading