Wednesday, January 16, 2008

Late Capitalism* (in which the Chinese Government Buys the Banks)

This, from Andrew Leonard, is a must read. The three sentence summary: Wall Street takes a pounding from the unraveling financial crisis and who rides to the rescue? State investment funds from the Middle East and Asia. They are, in a sense, buying the banks.

(Hat Tip: Dani Rodrik)

*Just so no one chokes on their coffee - don't believe in late capitalism, but I sure do wish I could make heads or tales of the current crisis.

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