Wednesday, October 1, 2008

Interview not for Faint of Heart or Wallet

As I do sometimes, I clicked on some back postings of interviews by Fresh Air's Terry Gross tonight. I caught her interview with New York Times reporter Gretchen Morgenson regarding the Wall Street bailout. This interview is not for the faint of heart or wallet. Morgenson's analysis is searing -- and deeply troubling. I recommend that you catch the interview here.

What if the 700 billion bailout doesn't fix the problem? There is a good chance it won't. The house of cards has just started to crumble. The credit card industry has yet to collapse. The auto loan industry is seeing growing defaults. The federal guarantees for pensions -- which financiers have ripped off too -- is still sitting there. This ugly story is not over, sorry to say.

-- Rico Thomas Rico

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