Crises, real and imagined

By EDITORIAL  |  June 13, 2012

Already, the banking systems of Spain and Italy are dancing on the brink of collapse. The economic slowdown in Europe is exerting real drag on America's weak economy. Financial experts say that if a full-scale panic were to hit Europe within the next three months, it would make the stock-market crash that followed the bankruptcy of Lehman Brothers in 2008 seem like a picnic.


Despite all the hot air expanded since the 2008 market disaster, the American economic system is no better prepared to weather another punishing financial shock.

Wall Street's too-big-to-fail banks continue to place bad bets on highly risky investments. JPMorgan Chase's recent $2 billion (and growing) loss is just the tip of the iceberg.

Almost all of its brethren institutions, including Bank of America, have mountains of high-risk financial maneuvers in play. And what is truly criminal is the banks are using government-insured entities within their control to play their risky games.

That means that, should a European meltdown occur, American taxpayers again will be on the hook.

The minimal Wall Street reform allowed by the Republicans was a joke.

If McCain were the great patriot he proposes himself to be, he'd be talking about the next round of financial ruin staring America in the face.

Instead, McCain blathers on about leaks of information about Obama's foreign-policy successes.

That, however, should surprise no one. McCain, after all, is a Republican.

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