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Friday, August 17, 2007 12:00 AM

Panic on Wall Street

You've heard about the home-loan bust, but do you know your derivatives from your tranches? Read Salon's easy guide to understanding the current market freakout.

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  • Friday, August 17, 2007 08:16 AM

    everytime I read of yet another failure of our vaunted "transparency" I want to call up Tom Friedman and ask ...

    when his update on the Lexus and the Olive Tree is coming out ... since, in that, he argued that the world markets needed to emulate American transparency if they wanted to get the kind of investment they needed... to the point, irrc, that he recommended American accounting giants be employed until local clones could get properly trained and established along the lines of Arthur Anderson and Company.

    I read about these "shenaningans" and wonder, "but, isn't that dishonesty somehow illegal?"

    Tom's apparently on either vacation or a book tour (the world is flat has been issued in paperback -- a more tugid mass of self-important hot air I cannot recall encountering and finally returning to the library unread -- his "telling anecdote" format having lost its boyish charm ...)

    I'm sure he'll get right on this story when he gets back .... unless some new "miracle" or "green" story doesn't edge out these petty transitional matters.

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