1-3 trillion dollars worth of financial assets wiped out. The 0 billion bailout of banks' bad mortgaged-backed securities is not a strategy but mainly a desperate efrfort to shore up confidence in the system.
to read Walden Bello's article published 10/18/2008, click on
http://focusweb.org/a-primer-on-the-wall-street-meltdown.html?Itemid=1
Original: A Primer on the Wall Street Meltdown