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Thursday, September 18th, 2008 星期四， 08年9月18日

By Stephen Lendman - RINF | Danny Schechter is a media activist, critic, independent filmmaker, TV producer as well as an author of 10 books and lecturer on media issues.由斯蒂芬Lendman -R INF|丹尼谢克特是一个媒体活动家，评论家，独立制片人，电视制片人以及作者的1 0本书和讲师对媒体的问题。 Some call him “The News Dissector,” and that’s the name of his popular blog on media issues.有人叫他“新闻解剖， ”这名字，他受欢迎的博客媒体的问题。 He’s also co-founder of Media Channel.org.他还共同创办的媒体Channel.org 。 It covers the “political, cultural and social impacts of the media,” and provides information unavailable in the mainstream.它涵盖了“政治，文化和社会影响的媒体” ，并提供资料，无法在主流。

Schechter’s books include Media Wars; Embedded - weapons of Mass Deception; The Death of Media; The More You Watch The Less You Know; and his newest and subject of this review, Plunder.谢克特的书籍包括媒体大战;嵌入式-大规模毁灭性武器的欺骗;死亡的媒体;你越是看不到你知道他的最新主题这一审查，掠夺。 Subtitled: Investigating Our Economic Calamity and the Subprime Scandal, Schechter examines the fallout from the current economic and financial crisis.副标题：调查我们的经济灾难和贷款丑闻， Schechter已审查了沉降从目前的经济和金融危机。 What the mainstream media (MSM) suppresses:何谓主流媒体（的MSM ）抑制：

– decades of wealth transfers to the rich; -几十年的财富转移到丰富的;

– the economy in recession; -经济衰退;

– the result of multiple imploding bubbles: housing, mortgage finance, and an alphabet soup of SDOs, SIVs, SPVs, and a whole menu of levered-up, high-risk securitized assets amounting to financial alchemy; largely outright fraud; -由于多种爆泡沫：住房，抵押贷款，以及字母汤S DOs， S IVs， S PVs，以及整个菜单的杠杆行动，高风险证券化的资产总额为金融炼金术;基本上彻底欺诈;

– the risk things may worsen; -危险的事情可能会进一步恶化;

– from drowning in debt and speculative excess; -从溺水的债务和投机过度;

– bankrupt by some measures; -破产的一些措施;

– huge amounts of corruption; -大量的腐败现象;

– government hiding how bad it is; complicit in it as well; -政府如何隐藏它是坏;同谋以及它;

– over one million homeowners foreclosed since summer 2007; -超过1 00万房主赎回自2 007年夏天;

– another million are 90 days past due on payments; foreclosures about to go out on them; -另一万人是过去的9 0天内到期付款;赎回约走出去对他们;

– three million more potentially in coming months with up to five million total at risk over the next few years in the worst housing crisis since the Great Depression and too little government help provided too late; -3 000000更可能在未来几个月内与5万总的风险在今后几年中最严重的住房危机大萧条以来的太少政府帮助提供为时已晚;

– rising unemployment; -失业率上升;

– failing banks; -没有银行;

– rising inflation; and -通货膨胀率上升;和

– consumers maxed out on credit and strapped by indebtedness the way Schechter portrayed them in his 2006 film titled “In Debt We Trust.” -消费者丰富多彩了信贷和债务捆绑的方式S chechter已描绘他们在2 006年电影名为“在我们信托的债务。 ”

Schechter’s book is timely, important, and frightening.谢克特的书是及时的，重要的是，和可怕的。 He does a masterful job deconstructing a complicated subject.他做了高超的工作解构一个复杂的问题。 One covered up in the mainstream.一个涵盖了主流。 Its dark side papered over suppressed.其阴暗的一面papered的压制。

Schechter explains it fully and clearly for lay readers to understand.谢克特解释它充分和明确的在于读者了解。 It’s essential they do it because it touches everyone.这是至关重要的，他们这样做，因为它涉及每个人。 No one knows how bad it may get, but the current crisis has legs.没有人知道这种影响有多大可能，但目前的危机腿。 The worst of it may be ahead, and before it ends millions may feel it painfully.最坏的可能是未来，和之前结束千万可能觉得痛苦。 “Plunder” provides ammunition. “掠夺”提供弹药。 A blueprint of what’s unfolding.蓝图的内容展开。 Explaining that government help won’t be forthcoming, so we’re responsible for making the best of a very bad situation.并解释说，政府的帮助将不会到位，因此，我们负责作出最好的一个非常不好的情况。

It begins with understanding the scandalous dilemma unfolding.它始于了解可耻的难题展开。 The complicity of government and Wall Street behind it.共谋政府和华尔街背后。 The dominant media promoting it.占主导地位的媒体宣传。 What author Kevin Phillips calls the “rise of big finance” and “global crisis of American capitalism;” “Frankenstein finance;” and a problem so potentially grave that “there may no longer be a plausible way out.”什么作者凯文菲利普斯所谓的“崛起的大金融”和“全球危机的美国资本主义” ， “科学怪人资金; ”和一个潜在的问题，使严重的说， “有可能不再是一个可行的出路。 ”

Schechter calls it “financialization” to describe “the kind of control (a Credit and Loan Complex) exert(s) over society every bit as insidious as the Military-Industrial Complex.” Made up of Wall Street; big banks; an array of finance, credit card and related companies preying on middle-America and the poor and transferring enormous wealth to the rich. Schechter已称之为“金融化”来形容“什么样的控制（一信贷和贷款复杂）施加（星期日）的社会一样阴险的军工企业。 ”了华尔街;大银行;了一系列金融，信用卡公司及有关捕食中北美和穷人和巨大的财富转移给富人。 A regulatory environment allowing it.监管环境允许它。 Creating an open field for fraud.建立一个开放领域的欺诈行为。 Taking full advantage because so-called “watchdogs” are part of the problem.同时充分利用，因为所谓的“监督者”的问题的一部分。 The administration and Federal Reserve as well.美国政府和美国联邦储备以及。 The entire power structure allied against working people.整个权力结构是联合起来共同对付劳动人民。 A shameful and potentially disastrous situation as a result.一个可耻的和潜在的灾难性局势的结果。

Schechter envisions a different future and dedicates his book to one “free of debt and a world where markets serve the public interest.” Light years from what “Credit Card Nation” author Robert Manning writes in the Preface: Schechter已设想一个不同的未来，致力于他的著作的一个“自由的债务和世界市场为公众利益服务的。 ”光年什么“信用卡国家”的作者罗伯特曼宁写的前言：

– industrial employment ravaged by neoliberal “free trade” and corporate outsourcing; -工业就业遭受新自由主义的“自由贸易”和企业外包;

– malls replacing factories as the economy’s engine; -购物中心取代工厂随着经济的发动机;

– declining wages in the face of soaring expenses; -工资下降，在面对飞涨的费用;

– most families dependent on credit to survive; -大多数家庭依赖信贷的生存;

– the calamitous effects of banking deregulation; -的灾难性影响银行业放松管制;

– a corrupted “symbiotic financial-industrial complex” called “financialization;” -损坏的“共生金融工业园区”所谓的“金融化” ;

– a new Gilded Age exalting greed; -一个新的镀金时代振奋人心的贪婪;

– turning consumers into debt slaves; and -把消费者债务奴隶;和

– making the country “perilously dependent” on foreign capital sources for economic security. -使该国“危险地依赖”外国资本来源的经济安全。

Schechter continues in his prologue: Schechter已继续在他的开场白：

– sinking markets from a “full-blown credit/debt crisis;” -沉市场从“全面爆发信贷/债务危机; ”

– “waves of layoffs,” bankruptcies and foreclosures; -“一波又一波的裁员， ”破产和赎回;

– distorted media coverage on causes and solutions; -媒体报道歪曲的原因和解决办法;

– fear that the worst is ahead; -担心，最严重的是未来;

– the infectious effect of the spreading “subprime crisis;” -传染病影响的蔓延“次级危机” ;

– trillions of dollars being lost; -万亿美元的损失;

– millions of homeowners at risk; millions of working people also; -数以百万计的房主的风险;数以百万计的劳动人民也;

– a Ponzi scheme writ large; the bigger they are, the harder they implode; what PIMCO’s Managing Director and economist Paul McCulley calls a “Minsky Moment” that derives from economist Hyman Minsky’s analysis; the unwinding of excess exuberance; deflating euphoria; proving market bubbles always burst, and their downward momentum is far more severe and faster than their upside; and -一个庞氏计划令状大;更大的他们，就越难他们爆;什么P imco公司的董事总经理和经济学家保罗M cCulley称为“明斯基时刻”是来自经济学家海曼明斯基的分析;解除过剩的繁荣;消散兴奋;证明市场的泡沫破灭始终，其下降的势头更为严重和速度比其上升;和

– a “calculated crime” putting America and the global economy at risk; Schechter says “This is an angry book (because) so many of us are in denial or unaware of the importance of economic forces in shaping our future;” he also rails at his colleagues who’ve done “such a poor job reporting on the run-up to this disaster.” -这是一种“故意犯罪”把美国和全球经济的风险;谢克特说： “这是一个愤怒的书（因为）我们之中有许多人是在拒绝或不知道的重要性，经济力量在塑造我们的未来， ”他还栏杆在他的同事们谁做“这样一个贫困的工作报告之前的这场灾难。 ”

Schechter chronicles what happened. Schechter已记载发生了什么。 The threat of depression.威胁的抑郁症。 Alerting people to the possibility.提醒人们的可能性。 Highlighting concern about the victims.突出关注的受害者。 Challenging the media and chastising their ignoring and distorting the story.富有挑战性的媒体和批评他们无视事实，歪曲的故事。 Telling us that “democracy must have an economic underpinning and a commitment to fairness.” Offering ways to achieve it.告诉我们， “民主必须有经济基础，并承诺公平。 ”发售的方式来实现它。 Explain how debt restructured the economy and created “a burden that many will never crawl out of.” Exposing “shameless profiteers” and calling for an investigation of their crimes and prosecution.解释如何重组债务的经济和建立“一个负担，许多绝不会爬出来。 ”暴露“无耻奸商” ，并要求调查他们的罪行和起诉。 Asking for debt relief for Americans.要求减免债务的美国人。 “Urging citizens to get involved and (demand) politicians respond.” Getting upset and aroused enough to act. “敦促公民参与和（需求）的政治家作出回应。 ”让破坏，并引起足够的行动。

“It’s the Economy Stupid,” according to Schechter in his introduction, and, of course, it always is but especially when times are hard. “这是愚蠢的经济” ，根据谢克特在他的介绍，当然，它始终是而且尤其是当香港正处于艰难时期。 What Senator Chris Dodd calls “a 50-state Katrina,” but these waters are rising and uncertainty remains on whether something far more calamitous is coming.什么州参议员克里斯多德所谓的“ 50国卡特里娜” ，但这些水域的上升和不确定性仍然是是否有更多的灾难即将到来。

Corruption is pervasive.腐败是很普遍的。 The public uneasy but largely uninformed.公众感到不安，但基本上不了解。 The worst of what’s going on is hidden.最糟糕的事情的真实情况，是隐藏的。 A vast shady network of “interconnected institutions working through highly legalized and poorly understood systems.” Moving unimaginable sums around the world in seconds.广大阴凉网络“互联工作机构通过高度合法化和了解甚少系统。 ”难以想象的资金运动在世界各地秒。 Seducing people into the most outrageous schemes involving unrepayable debt.引诱人进入最荒谬的计划，使unrepayable债务。 Then having to borrow more to service amounts already unaffordable.然后，借用了更多的服务数量已经负担不起。 Heading for what money manager Jeremy Grantham calls a “slow motion trainwreck”- the inevitability that bubbles always burst.标题为基金经理杰里洪所谓的“慢动作trainwreck ” -是不可避免的泡沫总是爆裂。 His advice in the current environment.他的建议在目前的环境。 What he calls the “first truly global bubble:” hunker down and “take as little risk as possible” because “I for one am officially scared.”他所谓的“第一个真正的全球泡沫： ” hunker ，并“采取的风险很小尽可能” ，因为“我一个上午正式害怕。 ”

The Origins of the Scandal 的起源丑闻

When it began, “subprime lending” wasn’ta term in common usage, let alone understood outside financial circles.当它开始， “次级抵押贷款”不是长期共同使用，更不用说理解金融界之外。 One of its late 1990s originators was Obama campaign finance chairperson Penny Pritzker when she served on the Board of the failed family-owned Hinsdale, IL Superior Bank.其中一个20世纪90年代末始作俑者是奥巴马竞选资金普利兹克主席竹篙时，她还担任董事会的失败的家庭拥有Hinsdale ，白细胞介素高级银行。 It cost the FDIC $700 million and depositors another $65 million, while Pritzker made millions on predatory lending now called “subprime” mortgage schemes.据联邦存款保险公司成本7亿美元的存款，并另6500万美元，而普利兹克了数以百万计的掠夺性贷款现在所谓的“优”按揭计划。 One definition is as follows: “the practice of making loans to borrowers who do not qualify for the best market interest rates because of their deficient credit history.” Another in the recent environment was to force-feed them to the largest number of homebuying prospects possible.一个定义如下： “的做法，使贷款借款人谁没有资格获得最佳的市场利率，因为他们缺乏信用历史。 ”另一位在最近的环境，迫使饲料他们人数最多的homebuying前景可能的。

There’s lots of them, and predatory lenders took full advantage until things erupted into scandal, and the economy headed south.有大量的人，以及掠夺性贷款充分利用，直到事情爆发丑闻，经济向南。 Only then did regulators take notice and decide to investigate - into how “banks, credit rating firms, and lenders value and disclose complex mortgage-backed securities.” Three areas specifically, according to Reuters: “the securitization process, the origination process and the retail area.” Also insider trading, a common illegal practice that’s rarely caught or even looked for.才采取监管的通知，并决定调查-如何“银行，信贷评级公司，以及银行的价值和披露复杂的按揭证券。 ”三大领域具体而言，根据路透： “在证券化过程中，产生过程和零售领域。 “又内幕交易，一个共同的非法行为，这是很少或什至被期待的。 However, the scope of the investigation would be narrow, and its aim was “deterrence.” Of what, asked Schechter, now that the horse is out of the barn, and investors and mortgage holders are left holding the bag?然而，调查范围将缩小，其目的是“威慑” 。什么，问谢克特，现在马是不可能的谷仓，投资者和抵押贷款持有人持有的左袋？

When it’s too late to matter, they agree, along with critics, that “inadequate disclosure (or lack of transparency) was at the root of the problem.” According to a Senate report, it began in 1997 when house prices began appreciating and registered a 124% gain by 2006.当它的太晚了此事，他们同意，同时批评说， “披露不足（或缺乏透明度）是问题的根源。 ”根据这份报告，它于1997年开始当房价开始欣赏并登记了124 ％的增幅在2006年。 Housing was driving the economy with seven million subprime mortgage loans.房屋是推动经济与7000000次优抵押贷款。 Business boomed.商业蓬勃发展。 Underwriting standards deteriorated, while banks and other lenders invented new ways to make money - “fast” and easy.承保标准恶化，而银行和其他放贷者发明了新的方式来赚钱-“快速” ，并非易事。

In the 1980s, state usury rate ceilings were lifted, creating a whole new market for people who previously couldn’t qualify.在20世纪80年代，国家高利贷利率上限取消，创造一个全新的市场，谁以前人们无法出线。 At higher interest rates, fees, and other add-ons they did.在较高的利率，收费，以及其他附加他们做到了。 Most borrowers got so-called “2/28″ and “3/27″ hybrid adjustable rate mortgages (ARMs).大多数借款人有所谓的“ 2 / 28 ”和“ 3 / 27 ”可调整利率抵押贷款（ 5.49 ） 。 They originated with low fixed “teaser” rates, good for a two-year period.他们来自低固定的“玩笑”率，良好的为期两年。 Afterwards, they’re reset semi-annually based on an interest-rate benchmark, or the current going rate.此后，他们重置一次基于利率基准，或将目前的利率。 For many holders, payments soared 30% and became unaffordable, and by 2004, 90% of subprime loans were these type ARMs.对于许多人，支付30 ％的增长，并成为买不起，到2004年年底， 90 ％的次级抵押贷款，这些类型武器。 It was well-known in the industry that “these borrowers (are) most likely to default or become delinquent (and) face foreclosure.” The idea was to cash in and let holders take the pain.这是众所周知的行业， “这些借款人（都）最有可能成为违约或拖欠（和）面对赎回。 ”当时的想法是，以现金，让持有人的痛苦。

Here’s how the scheme worked.以下是如何工作的计划。 “So-called ‘intermediaries,’ unregulated and often unscrupulous mortgage brokers, hustled their way into the housing market” and took over. “所谓的'中间人'无，往往不择手段的抵押贷款经纪人，匆匆进入住房市场” ，并接管。 Using a range of tactics, including “deceptive advertising to block-to-block solicitations to get people to buy and sell, always promising more than they (could) deliver.”使用一系列策略，其中包括“欺骗性广告，逐家逐户征求让人们购买和出售，总是希望超过他们（可能）提供。 ”

So-called “birddogs” were used to get prospects, and all kinds of practices were employed - “abusive, illegal and predatory.” They pushed, “enticed…seduced (even) threatened.” According to the Joint Economic Report, “For 2006, Inside Mortgage Finance estimates that 63.3% of all subprime originations came through brokers….19.4% through retail channels (and) 17.4% through correspondent lenders….broker share increas(ed steadily) from 2003 through 2006.” These companies aren’t regulated and pretty much operate freely.所谓的“ birddogs ”被用来获得的前景，以及各种就业的做法-“虐待，非法和掠夺。 ”他们推， “诱惑. ..诱惑（偶数年）的威胁。 ”根据联合经济报告， “对于2006年，财务内部住房抵押贷款估计， 63.3 ％的次级抵押贷款发放的所有通过经纪人来... .19.4 ％通过零售渠道（和）为17.4 ％通过记者放款... 。经纪人份额的增加（编稳步）从2003年到2006年。 “这些公司并非'吨规范和相当自由运作。 By 2005, the percent of securitized subprime mortgages reached “a peak value of more than 81%….”到2005年，百分之证券化次级抵押贷款达到了“峰值超过81 ％ ... 。 ”

Housing sales were on a roll, and so was Wall Street, quick to see a lucrative new income stream and ready to cash in. “Now they could make fees originating loans and even more money selling the paper into (the) secondary market, where mortgages could be securitized and sold again for even more money as investments.”房屋销售上进行了唱名，所以是华尔街，很快就看到一个利润丰厚的新收入流，并准备现金进来“现在他们可以收费原产贷款，甚至更多的钱卖纸（的）的二级市场，在那里可抵押贷款证券化和再次出售，甚至更多的钱作为投资。 “

The Finmanac financial blog explained its origination:该Finmanac金融博客解释其起源：

– when Solomon Brothers launched Mortgage-Based Securities (MBS) in the 1980s - “bonds with bundles of mortgages, bought from bank lenders, as collateral;” -当所罗门兄弟公司推出住房抵押贷款为基础的证券（ M BS）在2 0世纪8 0年代- “捆绑债券抵押，从银行收购贷款，作为抵押;”

– they used a “special purpose vehicle known as Collateralized Mortgage Obligation (CMO);” -他们使用了一种“特殊用途的车辆称为抵押贷款的义务（ 3 009） ; ”

– monthly installments were used to pay interest; and -每月分期付款被用来支付利息;和

– others were quick to cash in on the scheme. -其他人迅速现金的计划。

The secondary market became a marriage between “the most reputable financial organizations and the sleaziest grass-roots operators.二级市场上成为一个婚姻关系“最有信誉的金融组织和sleaziest基层运营商。 As is often the case, sleaze moved upwards” because the potential profits were huge but so are the risks.正如通常情况下， sleaze向上移动“ ，因为获利的潜力是巨大的，但也有风险。

“Since anyone can originate a loan and sell it to the Investment Banks (to package and sell as MBS), it tempts originators (to write) risky loans (without) worry(ing) about payback(s):” “既然任何人都可以来源于贷款，并出售给投资银行（包装和出售按揭） ，它诱使原创（写）风险的贷款（不含）担心（法）约回收期（星期日） ： ”

– slicing MBS into tranches by risk profile handles the problem; -切片按揭成档的风险处理的问题;

– so does having different maturity dates; -所以不会有不同的到期日期;

– they’re rated by S & P, Fitch and other agencies for legitimacy; -他们被标准普尔，惠誉和其他机构的合法性;

– hedge and some pension funds bought the most risky paper; -对冲和一些养老基金购买了最危险的文件;

– risks were discounted because the potential returns were huge as long as economic conditions stayed sound and/or markets continued to rise; and -风险折扣，因为潜在的回报是巨大的，只要经济保持良好的条件和/或市场继续上升;和

– it always helps to have friendly Fed chairmen like Alan Greenspan fueling bubbles. -它总是有帮助的友好美联储主席格林斯潘一样燃料泡沫。

At the height of the 2000 one he said: “Lofty equity prices have reduced the cost of capital.在高度2000年一，他说： “崇高的股票价格已经降低了资本成本。 The result has been a veritable explosion of (high-tech) spending (and) I see nothing to suggest that these opportunities will peter out anytime soon.” A week later the Nasdaq peaked.其结果是名副其实的爆炸（高科技）支出（和）我认为没有证据表明，这些机会将逐渐消失很快。 “一周后纳斯达克见顶。 Dropped 78% to its bottom.下降78 ％ ，其底部。 The S & P 500 49%, and retail investors lost out while Greenspan was busy engineering another bubble now unwinding at the cost of trillions of dollars, millions of people hurt, and the “Maestro” assuming none of the blame.标准普尔500种股票指数49 ％ ，和散户投资者失去了，而格林斯潘是繁忙的工程另一个泡沫现在平仓的代价万亿美元，数以百万计的人受伤，而“大师”承担任何责任。

Economist Anna Schwartz said otherwise and called the Federal Reserve the main cause of today’s trouble.经济学家安娜施瓦兹说，否则，并呼吁美国联邦储备的主要原因，今天的麻烦。 She told The Sunday Telegraph: “There never would have been a sub-prime mortgage crisis if the Fed had been alert.她告诉星期日电讯报： “我们永远不会是一个次优抵押贷款危机如果美联储已经警觉。 This is something Alan Greenspan must answer for.” The US Treasury also as one of its senior officials warned subprime lenders about it but was ignored.这是格林斯潘必须回答的。 “美国财政部也作为它的一个高级官员警告次级房贷有关，但被忽略。 Even worse, despite state efforts to ban predatory practices, the Bush administration blocked attempts to curtail them and bears major responsibility.更糟的是，尽管国家努力禁止掠夺性做法，布什政府试图阻止他们，并制止负有主要责任。

Schechter refers to “an unholy trinity of private players, Wall street firms, and non-regulating regulators” who saw a way to profit hugely. Schechter已提到“一个邪恶的三位一体的私人球员，华尔街公司和非规范监管”谁看到一种巨大的利润。 Do it with shady practices, and thus partner in a “criminal conspiracy” to rip off millions of working Americans.这样做的阴凉做法，因此，合作伙伴的“犯罪阴谋” ，以撕裂了数以百万计的美国人工作。 “It was the largest robbery in history - not a bank heist but a heist by banks.” “这是最大的劫案在历史上-没有一家银行抢劫，但抢劫银行。 ”

The Real Capital of America (and the World) 真实的资本合众国（和世界）

Wall Street, of course - a city with “a history of causing disasters from its earliest days.” Succeeding ones keep getting bigger, but unaffected most often are the powerful banks and investment houses.华尔街，当然-一个城市的“历史造成灾害从最早的天。 ”成功的保持越来越大，但影响往往是最强大的银行和投资机构。 “Masters of the universe,” according to author Tom Wolfe. “大师的宇宙， ”根据作者汤姆沃尔夫。 Well insulated in their luxury board rooms with power, incomes and privileges afforded royalty.以及在其隔热豪华的董事局会议室与权力，收入和特权享有专利。 Treated like them also in a culture that “rewards clever and devious strategies” within or outside the law.治疗也象他们一样的文化， “奖励聪明，狡猾战略”的内部或外部的法律。 No one is guilty unless caught.没有人是有罪，除非捉住。 Rarely ever does it happen, and when it does the penalties are inconsequential compared to enormous ill-gotten gains.很少以往任何时候都不会发生，当它的处罚是微不足道相比，巨大的不义之财。 Incentive enough for players to invent new schemes, and they do.激励足够的球员创造新的计划，他们这样做。

This time, however, they may have been too smart by half.然而这一次，他们可能已经太聪明了一半。 They overreached and are themselves hurt by the fallout.他们越和本身受到影响。 Some won’t survive.有些人可能会无法生存。 Bear Stearns and Lehman Brothers already.贝尔斯登和雷曼兄弟了。 Others barely hanging on.其他几乎没有悬挂。 Merrill Lynch forced to sell out cheap to Bank of America.美林证券公司被迫出售廉价的美国银行。 The Fed bailing out AIG, and it’s anyone’s guess who or what’s next or if the worst is yet to come.美联储脱困了美国国际集团，它的任何人都在猜测谁或什么未来，或者如果最坏的还在后头。 When trouble first surfaced, “only a handful of writers and analysts” understood what was going on - chickens coming home to roost, “a crime in progress, a white collar crime wave” involving trillions of dollars, from working people to the rich.当第一次出现麻烦“ ，只有少数作家和分析师”的理解发生了什么事情-回家鸡栖息， “犯罪进展，白领犯罪浪潮” ，涉及数万亿美元，从劳动人民的富裕。 The Wall Street crowd.华尔街人群。 Mortgage brokers, banks and investment houses, rating agencies and appraisers who overvalued homes for higher fees.抵押贷款经纪人，银行和投资公司，评级机构和估价过高的房屋谁更高的费用。 Well-designed schemes to let the devil take the hindmost, and they are but so are the perpetrators.精心设计的计划，让天诛地灭，他们也是如此，但肇事者。 Schechter is right calling this “a big story - one of the biggest” and from which “consumers and citizens” have to learn Schechter已是正确的，要求这个“大故事-一个最大的” ，并从“消费者和公民”学习
how to cope.如何应付。 It won’t be easy.这将是不容易的。

The Unspoken Context 背景的潜台词

Crime writ large, and in early 2008 the FBI announced 14 unnamed mortgage companies were being investigated.大型犯罪令状，并在2008年初美国联邦调查局14日宣布不具名联邦住房贷款抵押公司正在调查。 Ones engaged in predatory lending.一从事掠夺性贷款。 That may have deliberately steered customers to more expensive loans and concealed hidden payments and fees.这也许是故意引导客户更昂贵的贷款和隐蔽隐藏支付和收费。 In some cases unfairly jacked up for even higher profits.在某些情况下，顶了不公平的，甚至更高的利润。 Targeting the most vulnerable.针对最容易受到伤害。 A 2008 Inner City Press/Fair Finance Watch study confirmed these practices. 2008年内蒙古市新闻/交易会金融观察研究证实了这些做法。 It called mortgage brokers “the wild, wild west of Capitalism.”它要求抵押贷款经纪人“野生，野生以西的资本主义。 ”

Shadowy operators using aggressive, unethical marketing in ghetto and low-income neighborhoods.影子运营商使用侵略性，不道德营销的贫民区和低收入社区。 Making phone solicitations.制作手机招标。 Door-to-door canvassing.门到门拉票。 Posing as debt consolidation experts with home improvement schemes and foreclosure “rescue” services.冒充专家的债务合并，家庭改善计划和赎回“救援”服务。 Merchants of sleaze cornering victims and entrapping them in unrepayable debt.招商sleaze转弯的受害者和他们包埋unrepayable债务。 Criminal fraud involving respectable bankers as well.涉及刑事诈骗尊敬的银行家以及。 Willing to engage in dirty practices because the profits were so tempting and the market so huge.愿意从事肮脏的做法，因为利润是如此诱人的市场，使巨大的。 Too big to pass up so it wasn’t.太大而无法通过，所以它不是。

From 2004 to 2006, Collateralized Debt Obligations (CDOs) mushroomed from $157 billion to $559 billion, and 10 investment banks underwrote 70% of $486 billion in 2006 securitizations.从2004年到2006年，抵押债务（ CDOs ）雨后春笋般从一千五百七点零零亿美元以五五九零零零零零零零零零美元， 10个投资银行承销的70 ％四八六○○○○○○○○○美元在2006年证券。 Players made millions and top executives far more.取得数以百万计的球员和高层得多。 A gravy train, and collectively in 2006, at the cycle’s peak, the big banks earned $130 billion.阿肉汁火车，和集体在2006年，在周期的高峰期，大银行获得1300亿美元。 It looked like more ahead, and their schemes were perfectly legal in an unregulated environment permitting them.看起来更进取，他们的计划是完全合法的在一个不受管制的环境，允许他们。 They still are short of future regulatory reform that may or may not come but never will be close to what’s needed.他们仍然是短期的未来的管理改革，可能会或不会来，但从未将接近所需要的。 Not when both parties embrace a pro-corporate agenda and won’t allow it.没有当双方都接受一个亲企业的议程，也不会允许。

The Charleston Observer published a flow chart on how predatory lending typically works:观察员的查尔斯顿发表了流程图就如何掠夺性贷款通常的作品：

– low income, minority and the elderly are targets; -收入低，少数民族和老年人是目标;

– loan originators contact and high-pressure them to sign up; -贷款原创接触和高压他们注册;

– brokers arrange loans between targets and lenders; -经纪人之间的安排贷款指标和贷款;

– appraisers inflate property values for higher fees and new business; -夸大财产的评估值较高的学费和新业务;

– lenders may “bundle” new loans to sell off to other institutions; and -贷款人可以“捆绑”新的贷款出售给其他机构;和

– Wall Street sits atop this enormous pyramid; in the “catbird seat;” orchestrating the process; and redistributing millions of loan bundles into pools to back up investments worldwide. -华尔街位于环太平洋这个巨大的金字塔;在“ c atbird席位; ”策划的过程;和再分配数以百万计的贷款捆绑到泳池备份世界范围内的投资。

Borrowers have no idea how they’re being used and set up to be scammed by future mortgage resets.借款人不知道他们是如何被用来设立将scammed未来的抵押贷款重置。 Unaffordable so that millions will lose everything in foreclosure.买不起，使数百万人将失去一切的赎回。 “Where are the prosecutors,” asks Schechter? “在哪里检察官” ，要求谢克特？ A Congressional probe.国会调查。 Indictments to go after the guilty.去起诉书后，有罪。 Faint hope along with any chance for redress for victims.微弱的希望与任何机会向受害者提供补救。 No chance either for most people to understand an “opaque and unregulated global financial system” with obscure terminology, according to economist Nouriel Roubini.要么没有机会对大多数人理解的“不透明和无全球金融体系”的模糊用语，按照经济学家努里尔•鲁比尼。 A highly levered “financial monster that eventually leads to uncertainty, panic, market seizure, liquidity crunch, systemic risk and economic hard landing.”高度杠杆“金融怪兽，最终导致的不确定性，恐慌，市场扣押，流动资金紧绌，系统性风险和经济硬着陆。 ”

In spring 2006, over a year before things began unravelling, Schechter wrote about inadequate and deceptive media coverage in an article titled “Investigating the Nation’s Exploding Credit Squeeze.” He examined losers and winners and suggested concrete approaches for responsible reporting:在2006年春季，一年多前的事情开始瓦解， Schechter已写不足和欺骗性的媒体报道中的一篇文章，题为“民族调查的爆炸信贷紧缩。 ”他检查输家和赢家，并建议具体办法，负责任的报道：

– doing it regularly and truthfully about a serious growing problem; -这样做，并定期如实约一个严重的问题日益严重;

– identifying the key corporate institutions involved; -查明关键的公司机构参与;

– spotlighting how special interests and lobbyists influence Congress for favorable policies and deregulation; -热点如何特殊利益集团和游说国会的影响有利的政策和放松管制;

– credit card companies also and how their ad dollars affect media coverage of their practices; -信用卡公司也和他们的广告收入受影响的媒体报道他们的做法;

– predatory lending methods in poor neighborhoods; crimes committed against vulnerable working people; -掠夺性贷款方式在贫困地区;犯下的罪行对弱势劳动人民的利益;

– what people can do to fight back; and -什么人可以做反击;和

– getting people involved at state and local levels; enlisting attorney generals to file class action lawsuits; and pressuring key legislators. -让人们在参与国家和地方两级;征募律师将军档案集体诉讼;和立法者施加压力的关键。

Strong material but the response was “tepid” as well as to a follow-up email campaign with tens of thousands of requests for more media coverage of a vital national issue - well before the crisis hit and a public spotlight might have cooled it.强大的物质，但答复是“温和” ，以及后续的电子邮件运动，数以万计的要求提供更多的媒体报道的一个重要国家的问题-以及在危机发生之前触及和公众关注的焦点可能有冷却它。 Big Media prefer a sanitized world of market “ups and downs” and one-sided Wall Street and Washington views - unrelated to the real world, what affects most people, and it got Schechter to ask: “where’s the outrage?”大型媒体公司倾向于消毒的世界市场“大起大落”的和片面的华尔街和华盛顿的看法-无关的现实世界中，什么影响大多数人，而且得到谢克特问： “那里的愤怒？ ”

Chronicling the Implosion, 2007 这部的爆， 2007

In his blogs, newsletters, and articles, Schechter “tracked the evolution of the crisis by week” - a story still evolving about “an economy that is….still unraveling,” It began in July 2007 when Dusseldorf-based IKB surprised markets with a profit warning.在他的博客，简报和文章，谢克特“进行了跟踪演变的危机一周” -一个故事仍在演变有关“香港的经济，是. ..。还是旗鼓相当， ”它始于2 007年7月在杜塞尔多夫的I KB惊讶市场发布盈利预警。 It set off sharp falls in other German bank shares, and ended up with IKB needing $11.8 billion in bailout aid to survive.它抵消急速下降，其他德国银行的股票，并最终达到IKB需要118亿美元纾困援助才能生存。 Cracks also began showing up in the multi-trillion dollar US securitization markets.裂缝也开始出现在多万亿美元的美国证券化市场。 They created a crisis for two Bear Stearns (BS) hedge funds.他们设立了一个危机的两个贝尔斯登（学士）对冲基金。 Like IKB, they were heavily into subprime mortgages, highly levered, and it forced BS to sell out to JP Morgan Chase for pennies on the dollar. IKB一样，他们把大量次优抵押贷款，高杠杆，它被迫学士学位，以出售给JP摩根大通的硬币美元。

Things then began spreading, and it was soon apparent the trouble was systemic, growing, and could touch down wherever outsized risks were taken.事情然后开始蔓延，这是很快的麻烦显然是系统性，成长，并能触摸的地方超出下跌的风险采取了。 According to Business Week, what began as subprime now affected other kinds of debt as well and far more seriously than originally thought.据商业周刊，什么优开始现在影响其他种类的债务，以及和深远更严重的比原来想象。 Involving “real money” and danger, “the kind that terrifies bankers and the elite.”涉及“真钱”和危险， “那种terrifies银行家和精英。 ”

The Dow Average topped out in early October and headed down while government jawboning and Fed interest rate cuts and huge liquidity injections didn’t help.道琼斯工业平均指数突破了在10月初和领导，同时政府限价和美联储减息和巨大的注入流动资金没有帮助。 They still haven’t as markets remain volatile, and no one for sure knows what’s coming.他们还没有作为市场仍然不稳定，没有人肯定知道什么是未来。 So jitters remain high and with good reason.因此，担心仍然很高，有很好的理由。 The economy is far from healthy.经济是远离健康。 Contagion is spreading offshore.传染蔓延海外。 Unemployment is rising.失业率正在上升。 So are foreclosures.那么，赎回。 Inflation also, and hundreds of billions of bailout dollars haven’t helped.通货膨胀率也和几十亿美元的援助没有帮助。

None of this should have happened, and warning signs should have been heeded early on.这些都不应该发生，并警告标志应注意早期。 Schechter chronicled it daily as events unfolded and explained that things were pretty bad and getting worse. Schechter已记录它每天的活动展开，并解释说，事情很糟糕，并变得更糟。 Bankers were debating how to handle record losses.银行家正在讨论如何处理创纪录的损失。 Desperation and even panic began surfacing.绝望，甚至开始出现恐慌。 And America’s debt crunch became a personal crisis for millions.与美国的债务危机成为一个个人危机数以百万计。

His book reviewed events as they unfolded:他的著作审查这些事件展开：

– jawboning after Wall Street and bankers began reacting and “blaming everybody but themselves;” -限价后，华尔街分析师和银行家的反应，并开始“ ，但每个人都指责自己” ;

– pundits then “calling for higher standards of transparency;” -权威人士然后“要求更高标准的透明度; ”

– bailouts involving real money in the hundreds of billions; first the Fed, then major central banks around the world; -救助涉及房地产的钱数千亿;美联储第一次，然后主要中央银行在世界各地;

– the result: very little; continued panic; more lending companies imploded; 247 up to April 2008; -结果：很少;继续恐慌;更多的贷款企业集成; 2 47至2 008年4月;

– then interest rate cuts and still no relief; mortgage rates rose as banks are reluctant to lend and want higher returns when they do; after the government’s Fannie and Freddie takeover, 30-year fixed-rates fell from 6.26% to 5.88%, but with the economy weak and consumers strapped it’s not clear how much this will help, at least in the short term; -然后减息，仍然没有任何救济;贷款利率上升，银行都不愿贷款，并希望更高的回报时，他们这样做;后，政府的F annie和F reddie收购， 3 0年期固定利率从6 .26％至5 .88％ ，但随着经济的疲软和消费者绑目前还不清楚有多少这将帮助，至少在短期内;

– multi-billions in writedowns continue, likely more coming ahead, and “bear in mind,” Schechter observes: “the banks created these problems by lowering their standards and working in collusion with the alchemists at the rating agencies that turned their junk into gold.” And government regulators looked the other way and let it happen. -多了数十亿美元的诉讼继续下去，今后可能更加进取， “铭记” ，谢克特指出： “银行建立这些问题，降低他们的标准和工作勾结的炼金在评级机构把他们的垃圾成金“ 。监管机构和政府期待的其他方式，并让这种情况发生。

Throughout the crisis, real analysis and understanding was missing - like the 50 million “Missing Americans” Bill Moyers profiled on PBS.在整个危机，真正的分析和理解人失踪-像5 000万“失踪美国人”条例莫耶斯异型了此项殊荣。 The ones Michael Harrington called “The Other America” in which he documented the country’s poverty and influenced policy debate in Washington as a result.那些迈克尔林顿所谓“美国的其它”他在信中记载该国的贫困和影响政策辩论在华盛顿的结果。 Today’s victims are largely above the poverty line but just barely with two wage-earners and one or both having multiple (low-paying) jobs.今天的受害者大多在贫困线以上，但刚刚有两个工薪阶层和一方或双方有多重（低工资）的就业机会。 They became predatory lending targets, but practically nothing is being done to help them.他们成为掠夺性贷款的目标，但实际上没有任何正在做来帮助他们。 Billions for the perpetrators.数十亿的肇事者。 Lip service only for the vulnerable.口惠只为弱势群体。

What Happens Now? 现在会怎样？

Crucial to understand is that the current economic crisis “is an outgrowth of the very corporatist policies that will haunt this country for decades.” Plus our costly wars.关键是要认识到当前的经济危机“是一种生长非常主义政策，将困扰着这个国家几十年了。 ”另外我们昂贵的战争。 “Obscenely high levels of corruption,” and many other characteristics of a nation off its moorings and in trouble. “ Obscenely高水平的腐败” ，和许多其他特性的一个民族从停泊处，遇到了麻烦。 This one in “the quicksand of debt and delusion.” Proving unfettered capitalism doesn’t work.这一次在“流沙的债务和妄想。 ”不受约束的资本主义证明是行不通的。 At a time Business Week magazine suggested “an irresistible force (is) meet(ing) an immovable object.” The force is the economy and object an unrepayable wall of debt.在一个商业周刊杂志建议“不可抗拒的力量（是）满足（化）不动产对象。 ”部队，是经济和对象的unrepayable墙的债务。

Despite billions of Fed-injected liquidity, the crisis persists and may be worsening.尽管美联储数十亿注入流动资金，危机依然存在并可能进一步恶化。 No one knows for sure or how or when it will end.没有人确切知道如何或者何时能结束。 Trillions have been lost.十万亿已丢失。 More still to come.更多的还在后面。 Serious talk about a depression.认真谈论抑郁症。 The middle class is shrinking.中产阶级正在萎缩。 People are entrapped by debt.人们陷入了债务。 Worldwide respect for the country plummeted, and 81% of the public believes things are headed in the wrong direction.全世界尊重该国暴跌，以及81 ％的民众认为事情朝着错误的方向。 Banks are failing.银行是失败的。 Real estate hit the wall, and in February the Economist magazine wrote that “The world had a weekend to save it from collapsing.”房地产击中墙，并在2月的经济学人杂志写道： “世界已经一个周末，以保存它免于崩溃。 ”

Contagion is spreading everywhere affecting Wall Street, large and smaller banks, investment firms, insurance companies, hedge funds, non-bank lenders, and the greater economy dependent on them.传染到处传播的影响华尔街股市，大型和规模较小的银行，投资公司，保险公司，对冲基金，非银行贷款，以及更大的经济依赖于他们。 Experts believe fixing things could take years and would require a vast overhaul of a clearly failed system.专家认为，固定的东西可能需要数年时间，并需要大量的大修显然未能制度。 Establishing workable regulation.建立可行的监管。 Reinstating Glass-Steagall to separate commercial from investment banks.恢复格拉斯一斯蒂格尔单独投资的商业银行。 Curbing speculation, and ending the whole range of predatory lending practices.遏制投机，并结束了一系列的掠夺性贷款的做法。 Under a two-party duopoly, chances for that are practically nil.根据两方垄断，机会是几乎为零。

Debt As A Global Issue 债务作为一个全球性问题

For better or worse, a global economic system interlocks nations and markets.为了更好或者更糟的是，全球经济体系互锁的国家和市场。 When the US catches cold, pneumonia threatens the world, and it shows in what the Vigilant Investor website reported: that in one week months back the Fed, ECB, and Japanese and Australian central banks injected $458 billion into the markets “to allow the big players to avoid selling off otherwise healthy assets to cover for heavy losses related to the unfolding housing debacle in the US, led over the cliff by subprimes.” And in America, the combination of credit card and other debt remains a ticking time bomb some see as another eventual bubble to burst.当美国感冒，肺炎威胁到全世界，它表明在投资者的警惕网站报道：在一个星期内回到美联储，欧洲央行，日本和澳大利亚的中央银行注入四千五百八十〇万点零零零万美元到市场“ ，让大球员，以避免抛售健康资产，以支付重大损失的有关住房灾难发生在美国，导致了悬崖的优抵押贷款。 “而在美国，结合信用卡及其他债务仍然是一个定时炸弹一些见作为另一项最终的泡沫破裂。

They’re worried about what author Kevin Phillips calls “a house of cards” built on “reckless finance.” And longtime Wall Street economist Henry Kaufman blames years of irresponsible federal banking for “allowing the expansion of credit in huge magnitudes” and calling today’s crisis a “global calamity.” Former Fed director of monetary affairs and its policy-making panel secretary, Vincent Reinhart, compares today to “the great contraction” of the 1930s and “the great inflation of the 1970s.”他们担心什么作者凯文菲利普斯称之为“内部卡”建立在“鲁莽资金。 ”和长期华尔街经济学家亨利考夫曼指责多年的不负责任的联邦银行的“允许扩大信贷规模巨大的” ，并呼吁今天的危机“全球性灾难。 ”前美联储董事和货币事务的决策小组秘书，文森特和赖因哈特，比较今天的“大收缩”的1930年和“伟大的通货膨胀率为20世纪70年代。 ”

Little of this gets media attention or is addressed in political discourse.小本得到媒体的关注或正在解决的政治话语。 Never mind huge structural problems, an economy in crisis, millions in duress, and barely a sign of remedial help coming for the vulnerable.别介意巨大的结构性问题，经济危机，数以百万计的胁迫，以及刚刚签署的补救措施有助于未来的脆弱。 As conditions worsen “when will the American people realize how badly they have been had and turn on the plunderers,” asks Schechter?由于条件恶化“时，将美国人民意识到有多严重，他们已了，把对强盗” ，要求谢克特？ The politicians and regulators also who allowed it.政客和监管部门也谁允许它。

How did it happen:它是怎么发生的：

– “warnings were ignored;” for example from Bruce Marks, the Neighborhood Assistance Corporation of America (NACA) CEO; in 2000, he testified before Congress and warned about Fannie Mae and Freddie Mac engaging in predatory subprime lending; all for naught; -“警告被忽视; ”为例，从B ruce商标，邻里援助公司合众国（水产）的首席执行官，在2 000年，他在国会作证，并警告说F annieM ae和F reddieM ac掠夺性抵押贷款;全部化为泡影;

– “the (Alan Greenspan) Fed encourag(ing) the securitization of mortgages calling it ‘financial innovation;’ ” and -“在（格林斯潘）美联储e ncourag（法）的抵押贷款证券化的要求它的金融创新; ' ”和

– “Wall Street firms ignor(ing) worries (from) their own risk managers (and engaging in) shadowy underground banking….They made a fortune - until they didn’t.” -“华尔街公司i gnor（法）担心（从）他们自己的风险管理（和从事）幽暗地下银行. ..。他们大发横财-直到他们没有这样做。 ”

Hundreds of small players have been indicted but only a few symbolic “truly fat cats” and none of the fattest.数百名小球员被起诉，但只有少数几个象征性的“真正的猫科动物脂肪” ，并没有任何不健康的。 The way it always is.这样始终是。

Last Words 最后一句话

Capitalism is characterized by economic ups and downs, speculative frenzies, and panics.资本主义的特点是经济跌宕起伏，投机疯狂，和恐慌。 But, as Schechter observes, “Few have posed such a serious threat to the entire financial system, (yet most media) coverage has been relegated to not widely read business sections (and) the fortunes of CEOs and business enterprises, not citizens, consumers and most of all homeowners” who’ve lost or may lose their homes and livelihoods.但是，正如谢克特指出， “很少有这样一个构成严重威胁到整个金融系统， （但大多数媒体）的覆盖率已经成为没有广泛阅读商务节（和）的命运的CEO和企业，而不是公民，消费者最重要的是房主“谁丢了或可能丧失家园和生计。

Even worse, “many newspapers and TV outlets were complicit.” They got huge amounts of ad revenue (often deceptive) from “shady mortgage lenders and credit card companies that encouraged readers and viewers to accept more debt.更糟的是， “许多报纸和电视广告的渠道已经串通一气。 ”他们巨额的广告收入（通常是骗人的） ，由“荫抵押贷款银行和信用卡公司，鼓励读者和观众接受更多的债务。 Some major newspapers are connected with local real estate syndicates and get kickbacks from sales tied to their extensive advertising of homes for sale.” Worse still is that coverage (once it began) “may have missed the truly criminal aspects of this crisis” even though there’s plenty of evidence around and the FBI is currently investigating 14 mortgage companies.一些主要报纸都是与当地的房地产集团，并获得回扣，捆绑销售其广泛的广告待售房屋。 “更糟糕的是，覆盖面（一开始） ”可能已经错过了真正的刑事方面的危机“ ，即使有大量证据周围和联邦调查局目前正在调查14个联邦住房贷款抵押公司。

Overall reporting largely supports business and hesitates being critical.总的报告主要支持企业和犹豫的关键。 It builds confidence instead, stays upbeat, generates more heat than light, and engages in what Schechter calls “Investotainment” as their specialty.它不是建立信任，保持乐观，产生更多的热量比轻，并从事什么Schechter已称之为“ Investotainment ”作为他们的专长。 Well layered with deception and boosterism as well.井分层与欺骗和boosterism以及。

They ignored victims dating back to the 1990s and even warnings from people like David Walker, the Comptroller of the Currency (OCC) and Government Accounting Office (GEO) head.他们无视受害者可以追溯到20世纪90年代，甚至警告人们喜欢大卫沃克，货币监理（协调中心）和政府会计办公室（ GEO ）的头部。 For years, he was a voice in the wilderness about our growing debt burden that could lead to a sudden collapse and threaten national security.多年来，他是一个声音在旷野对我们越来越多的债务负担，可能导致突然崩溃，并威胁国家安全。 The National Association of Business Economists as well saying: “The combined threat of subprime loan defaults and excessive indebtedness has supplanted terrorism and the Middle East as the biggest short-term threat to the US economy.”全美企业界经济学家以及他说： “合并的威胁优抵押贷款违约和过度负债已取代恐怖主义和中东最大的短期威胁到美国经济。 ”

And John Kenneth Galbraith in his 1961 classic, “The Great Crash 1929,” now prophetic: “The fact was that American enterprise in the twenties had opened its hospitable arms to an exceptional number of promoters, grafters, swindlers, impostors, and frauds.和经济学家高伯瑞在他1961年经典， “大碰撞1929年， ”现在预言： “事实是，美国企业在开设了20其好客军备，以特殊的推动者， grafters ，骗子，冒名顶替，以及欺诈行为。 This, in the long history of such activities, was a kind of flood tide of corporate larceny.”这在历史悠久的此类活动，是一种涨潮的企业盗窃。 “

Writer Mike Whitney updates it in one of his commentaries saying: “The financial system has been handed over to scam-artists and fraudsters who’ve created a multi-trillion dollar inverted pyramid of shaky, hyper-inflated, subprime slop that they’ve sold around the world, with the tacit support of the ratings agencies and the US political establishment.”

The story has legs. Banks are in serious trouble. By mid-summer, seven had failed, others since, and many dozens more are at risk. Worldwide as well as contagion spreads everywhere. Huge write-downs have been taken. Unknown amounts more may follow. The Fed has injected over $900 billion to stabilize things with little idea if it will. Then add in lost homes, lender foreclosure costs, falling property prices, equity losses, multiple deflating bubbles, and hundreds of billions for wars and debt service, and the picture is grim, frightening, and according to some experts in the early innings.

Consider a recent “truly stunning but not widely reported” Bank of America study on current “Credit Crisis” losses - $7.7 trillion dollars in equity value globally since the October market peak. Affecting nations everywhere, B of A called it “one of the most vicious (crises) in financial history.” Investor George Soros calls it a “systemic crisis,” the result of “easy credit, financial innovation and contagion.” And economist Ludwig von Misses once said: “There is no means of avoiding the final collapse of a boom brought on by credit expansion. The question is only whether the crisis should come sooner as a result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved.”

Schechter concludes by adding: “Bubbles are rarely foreseen (or want to be seen), as investors scramble into opportunities delivering high returns….self-interest and money-making are the real drivers in the world of finance.” They also drive politics, and now at a time of crisis, it’s “hard to believe that as the house of cards comes tumbling down, there seems to be a trifecta of failure. The government is unwilling to act decisively. The Congress prevaricates. And the media (engages in) boosterism” and keeps the public uninformed “at the very time when exposure might have stopped these practices before they became too deep and/or expensive to ‘fix.’ ”

Little wonder 81% of the public believes the country is headed in the wrong direction. George Bush’s approval rating fluctuates from the low to high 20s. And the July Rasmussen Reports gave Congress its lowest ever rating at 9% with only 2% of respondents calling its performance excellent. Imagine future poll numbers if the economy crashes, millions more become unemployed, lose their homes, and hundreds of billions keep being spent on fruitless wars by whomever becomes president and whichever party controls Washington. Imagine also how people affected will respond or should.

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