Watching three of Wall Street's top-five investment banks -- Bear Sterns, Lehman Brothers and Merrill Lynch -- vanishing as independent entities, Financial Times columnist Martin Wolf recently warned that "the brave new U.S. financial system is melting away before our eyes." What went wrong? Pro-capitalist candidate John McCain, saying that the American economy's underlying fundamentals remained strong, blamed "the greed by some based in Wall Street." He could have added that over-interference in the economy by Washington's liberal politicians and Obama-style community organizers had pushed banks for decades to loosen their lending requirement in order to expand mortgage loans to...
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Obama World Flunks Economics 101
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