Our photo assignment work very slow here - leaves us time to photograph those metaphorical vegetables that one discovers in the root cellar. Is this a good image to depict the state of our financial services economy in the US. Rotten at the core.There's an insightful analysis of the bail out of Bear Sterns over at the NY Times by Gretchen Morgensen:
"WHAT are the consequences of a world in which regulators rescue even the financial institutions whose recklessness and greed helped create the titanic credit mess we are in?"
and more:
"And as one of the biggest players in the mortgage securities business on Wall Street, Bear provided munificent lines of credit to public-spirited subprime lenders like New Century (now bankrupt). It is also the owner of EMC Mortgage Servicing, one of the most aggressive subprime mortgage servicers out there."
read the entire story here
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