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Poll: Will Obama = Freedom?
In Europe, Africa, the Middle East, South Asia and the Far East, the correlation of geoeconomic forces appears to be moving against the United States. And greed, the Rh-negative bloodstream of democratic capitalism, is what triggered a global subprime mortgage fiasco, which, in turn, pushed the dollar right off its pedestal. Wall Street's largest banks lost $50 billion, with Citigroup taking the biggest hit at $11 billion. Its deposed Chief Executive Officer Chuck Prince walked away with $100 million in severance benefits. Merrill Lynch, the biggest investment firm, which lost more than $8 billion, fired CEO Stan O'Neal, who had made $160 million over the past five years he had been in charge. His golden parachute added another $160 million.
Many saw the disaster coming but kept quiet as the international Ponzi scheme kept belching huge profits. One leading global umpire, Federal Reserve Chairman Alan Greenspan, didn't throw any yellow or red flags on the plays and admitted after retiring he knew about abuses in subprime lending but failed to foresee their paralyzing effects until early 2006. Greenspan, who led the Fed through 18 years and four presidents, still defends his lowering of interest rates from 2001 until 2004 that critics say caused the crisis in the first place. Click "Visit Website" link below to continue article.
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