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Bailing out: how a financial crisis in the United States spread worldwide.(National)

Article from: Junior Scholastic Article date: November 03, 2008 Author: Wishnia, Steven

[ILLUSTRATION OMITTED]

Why is everyone so worried about the economy? We've long been hearing about rising food and gas prices. There has also been talk of the declining value of homes. But last month it all came to a head. The entire U.S. economy was in crisis. Soon, shock waves were felt around the world. What happened?

The problem began with U.S. homebuyers. More and more people wanted to take advantage of the American dream--to own their own home.

Most people cannot afford to pay the asking price of a house with cash. Instead, they take out a loan called a ...

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US Dominance Is Dead

Posted Sep 28, 08 11:38 AM CDT in World,  Business,  Opinion 

US Dominance Is Dead
Source: AP Photo/Michel Euler

(Newser) – After decades of a scolding countries for irresponsible behavior, Uncle Sam has finally had his comeuppance, John Gray opines in the Guardian, concluding that “The era of American global leadership is over." Unable to silence Hugo Chavez, thwart Russian aggression in Georgia, appreciate Chinese fiscal practices, and halt its own shoddy fiscal policy, America’s fate is now being sealed.

“The Iraq war and the credit bubble have fatally undermined America’s economic primacy,” Gray writes. “How symbolic yesterday that Chinese astronauts take a spacewalk while the US Treasury secretary is on his knees.” The countries that once succumbed to US pressure will soon be ruling the roost, argues Gray: “The control of events is no longer in American hands.”

Source: Guardian (UK)

More about:  Financial Crisis • China • bailout • United States • Cold War • capitalism • free markets

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GLOSSIES

 Euros See
 the End of American
 Dominance 

After Bush, the arrogance of the United States is no more

Der Spiegel Der Spiegel Oct 1, 08 1:06 PM CDT
(Newser) - When President Bush delivered his final address to the UN last week—harping on terrorism but barely bothering to mention the crisis in the global economy—world leaders in attendance buzzed about the disconnect, along with the disheveled hair and ill-fitting suit that seemed to mark him as a finished man. But the UN speech marked something bigger, writes Der Spiegel in a cover story: the collapse of American dominance. More »

More about:  Financial Crisis • George W. Bush • bailout • United States • economic slowdown • free markets • UN General Assembly

OPINION

Bailouts a Fling for Nation Married to Free Market

Bailouts not a betrayal of free market ethos, really

Washington Post Washington Post Dec 20, 08 10:33 AM CST
(Newser) - Washington's bailout of the auto industry would normally "be a turning point in the history of American Capitalism,” writes Steven Pearlstein of the Washington Post . Now it’s business as usual in “Bailout Nation.” That doesn’t mean the US has abandoned its free market ethos, or lost its appetite for creative destruction, Pearstein writes: There’s a genuine risk of a real depression here, so we’re temporarily putting practicality ahead of ideology. More »

More about:  bailout • auto industry • capitalism • socialism • free markets • auto bailout

OPINION

Madoff Scheme Not Much Worse Than Legal Ones

End of communism
let Wall Street become unhinged: Friedman

New York Times New York Times Dec 17, 08 10:30 AM CST
(Newser) - Wall Street used to be the epicenter of capitalism that the whole world wanted to emulate, but, on a trip to Hong Kong, Thomas Friedman discovers that the American financial establishment has lost its credibility. "We don’t just need a financial bailout," he writes in the New York Times , "we need an ethical bailout." More »

More about:  Financial Crisis • China • Wall Street • subprime mortgages • ethics • Bernard Madoff • Ponzi scheme • Hong Kong • Asia • Chinese economy • Thomas Friedman • capitalism • communism


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