Mohan on TV9 – Aug 8, 2011 (Updated)
I have been busy all day and didn’t get to follow most of the day’s developments.
Wow, what a day on world stock markets. At the end of the day DOW dropped 635 points. More on the market plunge later.
At 10 AM Eastern, I sneaked out to join TV9 bulletin live via telephone – to talk about the unfolding financial crisis. My segment starts at about 6:06 in the video.
Tune in to TV9 Today at 6:30 PM Eastern for my more detailed take on current crisis.
Here is the video (heavily edited) from that segment.
Repeal of Glass-Steagall act has nothing to do with US losing the AAA rating. Nixon shock, dollar getting the reserve currency status, US losing the manufacturing base, making US population addicted to consumption and baby boomer population getting older are all some important reasons.
All the above – including the repeal of Glass Steagall act – contributed to the current economic malaise. Repeal of the Act made the banks to take excessive risk with excessive leverage. To bail them out, Govt loaded on debt. All are connected.
nice….i cud feel that frustation,anger when u speak of Republicans at the end
Easy to understand video on current financial crisis.