Der Spiegel's Pitzke on US market crash
Here. "In fact, it really does look as if the foundations of US capitalism have shattered."
This video of Senator Jim DeMint, speaking from the Senate floor on July 26, 2008, definitively showcases exactly why there is so much corruption in esteemed House and Senate.
BEIJING (Reuters) -
Threatened by a "financial tsunami," the world must consider building a financial order no longer dependent on the United States, a leading Chinese state newspaper said on Wednesday.
Salah, great catch. Thanks so much for that.
In its wild, rollercoaster ride, the Dow Jones lost about 450 points, which was almost as much as it lost on Monday, the most catastrophic day on US markets since 2001.
Yes, on the day in question the S&P lost about 4.7 percent indeed the biggest down move on US markets since 2001.
Is Pitzke unaware that the DAX has experienced 18 larger daily declines since 2001?? In January of this year it lost almost twice this amount when WestLB reported a 1 bn EUR loss. Yet somehow the German economy has survived. Is Pitzke so ignorant of his own country's economic history?
This article struck me as so giddy and unbalanced that I decided to look into pitzke's earlier work. Looks like I'm not alone in thinking he's got a massive chip on his shoulder.
http://medienkritik.typepad.com/blog/2005/07/spiegel_onlines.html