Friday, May 7, 2010
Collapse of the drill rig "Deepwater Horizon"
What went wrong?
Listen to environmental lawyer Mike Papantonio lay the blame squarely with Dick Cheney's energy task force and the across-the-board deregulation during the eight years of the Cheney/Bush administration. Starts about 3:00:
And on to the Greek Riots:
Greek rioters protest austerity measures imposed to pull the financial mess back together. They've already burned down one Bank, killing three people.
How did things get this bad? Ask the Masters Of The Universe at Goldman- Sachs. From The New York Times:
"Even as the crisis was nearing the flashpoint, banks were searching for ways to help Greece forestall the day of reckoning. In early November — three months before Athens became the epicenter of global financial anxiety — a team from Goldman Sachs arrived in the ancient city with a very modern proposition for a government struggling to pay its bills, according to two people who were briefed on the meeting."
"As in the American subprime crisis and the implosion of the American International Group, financial derivatives played a role in the run-up of Greek debt. Instruments developed by Goldman Sachs, JPMorgan Chase and a wide range of other banks enabled politicians to mask additional borrowing in Greece, Italy and possibly elsewhere."
Was Caused By This: