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Following the Path of the Meltdown

Posted by: Nate Berg

3 September 2009 - 12:00pm

A new documentary tracks the meltdown of Wall Street and its impact on housing throughout the country. The New York Times offers this review.

"'American Casino,' directed by Leslie Cockburn, who wrote and produced the documentary with her husband, the liberal journalist Andrew Cockburn, begins on Wall Street, where various whistle-blower types describe the climate of greed and carelessness that produced the financial meltdown. The documentary dates the origins of the crisis to the insertion of a provision in the 2000 Commodity Futures Modernization Act, introduced by Phil Gramm, the Texas Republican and former senator who was then chairman of the Senate Finance Committee, exempting credit-default swaps from government regulation."

The film tacks the path of the housing market's downfall, travelling from Wall Street to a neighborhood in Baltimore and eventually to the foreclosure capital of California.

Full Story: Meltdown on Wall Street, and Homeowners Left in the Lurch on Main Street
Source: The New York Times, September 2, 2009
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Public transit has suffered from an economic mis-focus, and ironically enough, it has only worsened perennial problems like chronic underfunding and running incomplete systems that can't compete with the private automobile.
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