When the feds do bail out the financial system, what will they do to ensure that they aren't also bailing out the people who got us into this mess? Bondholders must take a haircut. The stock options of executives who got rich playing heads I win tails you lose must be cancelled.
Banks all over the world bought these speculative objects through subsidiaries called "special conduits" that did not appear on the official balance sheets. The mortal sins of the economy are the speculative practices, not state interventions.
"The latest media furor was over videotaped remarks from Obama’s former minister, the Reverend Jeremiah Wright Jr. The bloodhounds were soon barking and snipping at Obama’s heels demanding a renunciation of the pastor’s words."
Australian Prime Minister Kevin Rudd had much of the Australian population in tears with the long heralded “Sorry Day” commemoration. Of course, successive Australian governments have so much to apologise for, suggestions are now coming forth to make “Sorry Day” an annual event.
Two Molotov cocktails were thrown at the home of the Jewish Agency's representative at Brown University in the United States on Saturday, causing no injuries. The motive behind the attack is not yet known.