Watch and Learn
Steve Kroft looks at some of the arcane Wall Street financial instruments that have magnified the economic crisis. From his intro (emphasis mine):
“On Friday Congress finally passed – and President Bush signed into law – a financial rescue package in which the taxpayers will buy up Wall Street’s bad investments.
The numbers are staggering, but they don’t begin to explain the greed and incompetence that created this mess.
It began with a terrible bet that was magnified by reckless borrowing, complex securities, and a vast, unregulated shadow market worth nearly $60 trillion that hid the risks until it was too late to do anything about them.”
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Lies Of Omission
Did you notice that whenever the list of troubled firms is recited in the video, Goldman Sachs and JP Morgan are left out? I wonder why…
At timestamp 10:43 into the video, the sound goes dead for just a second as he’s listing the troubled firms. I’ve tried to read his lips, and I think he might be saying Goldman Sachs. Am I right?
And regardless, why are these 2 companies left out of this video? This is 60 Minutes for crying out loud. It shouldn’t be censored, and it should be complete. The omission of Goldman Sachs and JP Morgan from the list of troubled firms speaks loudly, to my ears.
Do you hear what I hear?
I am Jon, and I hear the squeaks of a mainstream media rat.
Thanks to Barry at TheBigPicture for pointing me to this video.