Countdown to breathing space or disaster: Congress decides
Whether you think they’re fighting for crumbs of social justice or fiddling while Rome burns, this is the biggest test most politicians will ever face in their lives. The Executive is not doing well. Bush is playing the role of President. Both presidential candidates are still playing politics. Nobody knows how much the bail-out will cost.
According to one our cleverest commentators Anatole Kaletsky in the Times, US Treasury Secretary Hank Paulson has suddenly switched from White Knight to Darth Vader: “There was no such thing as a Paulson plan. Not only did Mr Paulson not know what he was doing. He did not know what he was talking about.”
But don’t despair. Focus and power has shifted to where the Money is voted, to the folks on the Hill. Congress has only twenty four hours left before the financial crisis becomes a disaster. I don’t know if this sentence is literally true but I wouldn’t want to test it. I’ve just heard a member of Congress’s Banking committee say that the negotiators are closing in on an agreement but Congress is waiting to see what the agreement is before they decide how to vote. That seems reasonable.
The UK and all other lesser powers simply have to hang about, dreaming their dreams and fearing their fears. Two interesting pieces in the Guardian. Seamus Milne, the paper’s house Marxist makes the case for Brown leading a left revival:
“Genuinely new policy announcements were thin on the ground in Tuesday’s speech, and there was nothing remotely of the necessary scale or symbolism of, say, a windfall tax or price controls on the gas and electricity companies. Brown’s pledge of fairness will be hard to stomach for millions of public service workers facing cuts in real wages while huge City bonuses continue to flow without restraint.
But Brown and Labour are fighting for their political survival and there is no other way to go.”
The chances of this happening are round about degrees absolute. On the international front, a sober Tim Garton Ash meditates on Bush’s path “ from hubris to nemesis ,“ hubris being lies and self-deception over Iraq and the attempt to “create our own reality,? and “the vertiginous unreality of hyper-leveraged Wall Street investment banking over the past decade.” The consequence has been the damage done to American “soft power” the world can ill do without.
Meanwhile at home Robert Peston keeps his feet on the ground and his eyes on the screen, telling us:
“The reluctance of banks to lend longer than overnight to each other – as described in my earlier note on interbank hysteria – will surely force the Bank of England to take corrective action.
If it does nothing, well then the cost of money for all of us – in the form of the interest rate we pay on loans – will soar.
Sorry, wrong link above. Here is the right one:
http://www.powerlineblog.com/archives2/2008/09/021634.php
Oh shit.
http://news.bbc.co.uk/1/hi/business/7641733.stm
I’m expecting that tomorrow we’ll see the huge correction in the stock market that we’ve been closing our eyes and waiting for.
I cannot believe the obstinacy and bloodymindedness of the house republicans as well as the rump of idiot Democrats. This is not about bailing out the banks; it’s about the banks going down and taking the economy with them unless they are helped. This is not the time to be playing ideological politics.
The Republicans, and most likely the McCain campaign, will pay a heavy price if the failure to support this package against Bush’s request to do so is seen to exacerbate the problems with the economy.
Stalin, tomorrow is already here. Nearly $1.3 trillion was erased from the value of U.S. stocks today — the most ever for that index and almost double the size of the proposed bailout.
It’s good news for the US taxpayer that this bill was voted down, but not so good for those hoping to be allowed to dump all of their bad debts onto those taxpayers. These debts are bad; and contrary to the spin, they won’t come good by the taxpayer assuming them, somehow managing to re-sell these nationalised failures at a profit by sprinkling magic pixie dust and wishing it so.
Government, in the form of the Federal Reserve and the GSEs, got the country into this mess by setting low interest rates and promoting crackpot credit-scoring models to the banks to justify high-risk lending practices. So, problems caused by bad government practices and are supposed to be solved by flinging 700 billion dollars (+) at the Us Treasury and telling it to do whatever it wants with it? Nope, more bad government won’t solve the problem of bad government. All it is about is temporary stability, not diligent management or even lateral thinking.
The debts already known about will remain, and all this will do is pass those bad debts from the backs of those who are currently responsible for creating them onto the backs of the taxpayers. That’s too high a price to pay for hocus-pocus stability of financial institutions and markets realising that the hardworking dupes who pay their taxes can be easily hoodwinked into bailing them out this time – and any time in the future. The free market requires that private enterprise assumes the risks associated with its particular business model.
“This is not about bailing out the banks; it’s about the banks going down and taking the economy with them unless they are helped.”- Comrade Stalin
No it isn’t. That, however, is how it is presented by those seeking free money at the expense of the taxpayers, and by those worrying about the value of their savings and shares. The supply of credit will not stop because x number of suppliers acquire a poor credit rating or go bankrupt. When you buy shares, you assume the risk that your investment will do down as opposed to the preferred option of up. Likewise, when you put cash in a bank, you assume the risk the banks will blow all of it. Some countries provide guarantees for deposits in banks up to a limit. Ireland raised its limit to 100,000. That is reckless government since it is passing risk from the private individual onto other taxpayers. By the way, money is now flooding into the Irish banks from Europe. Why? Because other non-Irish private individuals are taking advantage of the higher guarantee limit at the expense of Irish taxpayers. In effect, if an Irish bank goes bust, then under this arrangement, the Irish taxpayer will have to work harder and pay more taxes to repay foreign depositors. This form of interference in the free market is more than just political opportunism, it is reckless and deranged.
Do you see nothing wrong with Irish taxpayers being used as an unwitting insurance policy by private investors? Why should Irish taxpayers have less disposable income from their labour to serve this purpose? Indeed, why should the Irish taxpayer assume the risk for any private investor?
Yet that is the risk that the Irish government has now exposed them to by interfering again in the free market and raising the limit to 100,000, and the US government is seeking to expose its own citizens to an enormous outstanding liability and even more risk.
If investors (and that’s what you are when you deposit money in a bank) want to insure against the risk that the private company that they have invested their money with will lose it, then let the free market price a policy.
As a point of information, you can still plant seed potatoes this autumn and have a sustainable harvest to feed your family by spring.
http://vegetablegardens.suite101.com/article.cfm/plant_potatoes_in_autumn
Dave, it’s a bit creepy when you reply to yourself twice.
It’s not “giving” money to the banks; it’s a loan which has to be paid back. The government of Japan had to do a similar thing a few years ago to bail out banks in that country, and it ended up generating a profit for the taxpayer.
The supply of credit has already stopped. That is where the problems lie.
I would have to have a look at the Irish government’s proposals, but I have a suspicion that they do not apply to new deposits or to deposits belonging to foreign investors. I don’t for one second accept your argument about the dangers of bucking the market. It’s a toss up between allowing the banks to collapse and taking the economy with it, or providing a taxpayer bond which will be repaid and which stands a good chance of taking the heat out of the credit markets. To me it’s an easy choice. The precedent for failing to intervene is already set and we do not want to go there again.
Dave ,
It’s good news for the US taxpayer that this bill was voted down’
In the short term yes – We’ll know soon enough if and when millions of same taxpayers go into ever more foreclosures as they lose their jobs how much ‘good news ‘ is really ‘good ‘ I suspect that the two thirds of Republicans who voted against it and the 40% of Democrats are ‘hoping’ that this move helps their re-election chances .
‘ but not so good for those hoping to be allowed to dump all of their bad debts onto those taxpayers.’
True -the sheer arrogance of Paulson in trying to rush through his initial ‘bail out package’ leaving him alone with ‘control ‘ of 700 billion of taxpayers money was imo what caused this bill to be rejected . The initial package was indicative of the extent to which a surfeit of sheer avarice and greed on Wall St was too much for Americans to bear . Americans would have accepted throwing the financial/banking ‘criminals’ a lifeline but throwing them a boat to allow them to ‘sail away’ to restart a new round of pillage and looting was the straw which broke the camels back .
‘ more bad government won’t solve the problem of bad government.’
Right . And on the badness scale this Republican administration has achieved an all time record for incompetence and poor judgement, that makes John McCains choice of Sarah Palin as VP look like the wisest decision since Solomon was in the business making wise decisions ;(
Which is also why the USA will be electing a new administration in a few weeks and Paulson will be back on Wall Street . Assuming of course that there still is a Wall St .
‘All it is about is temporary stability’
True . With a lame duck President and a few weeks to election thats all it can be expected to be . Best for the new ‘administration’ to make the necessary REGULATORY changes the situation requires.
‘If investors (and that’s what you are when you deposit money in a bank) want to insure against the risk that the private company that they have invested their money with will lose it, then let the free market price a policy. ‘
Are you suggesting that ‘depositors ‘ should pay an insurance premium to cover their bank deposits ie more money for the insurance companies and less for savers ? And who keeps the insurance companies ‘honest ‘ ? Oh I remember now the ahem ‘free market’
Would that be the same free market that kept AIG honest so they did’nt have to be nationalised
America needs a new New Deal for it’s middle and lower income people . Ironically this ‘bail out package ‘ failure, even if only temporary will help to deliver the ‘paradigm ‘ shift of opinion within the USA that is needed to bring about a new ‘New Deal’
We’ll see who survives the the ‘gunfight’ at the Wall St corral today and the ‘russian roulette ‘ tournament being played by the politicians on the hill .
Meanwhile I’m off to plant my late veggies as per susan’s suggestion .
I’m sure all you socialist financial experts (ha! oxymoron!) have seen THIS article.
THIS report details the skulduggery, a bit dry but certainly evidence that it was only a matter of time…
With your reality show mindset it may be a bit exhaustive, but your shiny, liberal indoctrination based, intellects will riddle this one out in your best USA slamming fashion. You urpeen dunderheads haven’t let the facts get in your way yet. And you do have the USA, self hating, neolibs to pat you on your little flat heads when the going gets rough. BTW how’s your Brussells based masters doing with their (ie, not yours) finances? Eh?
I’d love to stay and chat but…it’s time for the money to show up down here, and I’ve got a ton of work….hmmmmm
Couldn’t resist…
The Fall of Fannie Mae January 24, 2005
This is not your ordinary accounting fraud. Yes, there’s the matter of $9 billion in overstated earnings. But the fight over Fannie is a nasty political showdown where everyone has his own agenda. And it’s not over yet.
Maxine Waters: Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines. [Raines would barely avoid prosecution for fraud.]
The usual suspects….
Maxine Waters: Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines. [Raines would barely avoid prosecution for fraud.]
Gregory Meeks: … I’m just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn’t for you, I don’t think we’d be here in the first place. … There’s been nothing that indicated that’s wrong with Fannie Mae, Freddie Mac has come up on its own … The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs.
Lacy Clay: This hearing is about the political lynching of Franklin Raines.
Barney Frank: I don’t see anything in this report that raises safety and soundness problems.
Barney Frank?
HA!!!
Washington Prowler
Democrat Leaders Played to Lose
Published 9/30/2008 12:50:21 AM
House Speaker Nancy Pelosi ordered her Majority Whip, Jim Clyburn, to essentially not do his job in the runup to the vote on Monday for the negotiated Wall Street bailout plan, according to House Democrat leadership aides.
“Clyburn was not whipping the votes you would have expected him to, in part because he was uncomfortable doing it, in part because we didn’t want the push for votes to be successful,” says one leadership aide. “All we needed was enough to potentially get us over the finish line, but we wanted the Republicans to be the ones to do it. This was not going to be a Democrat-passed bill if the Speaker had anything to say about it.”
Can you say Shower of Assholes?
Must-listen: Karl Rove on how Obama and Pelosi blew the bailout…
Carl Rove knows waht he’s talkling about. Listen (if you’re allowed). He tells the truth…USA neolibs, wear sunglasses…the truth will sear your pupils..
Apparently neither one of them lifted a finger to pressure their toadiest toadies, which means either they’re not taking this seriously or they’re too stupid and/or gutless to lean on their colleagues effectively. You’d think The One at least could flip 12 Democrats by promising to swing by their districts while he’s on the road and turn some water into wine or whatever to help get them reelected. After all, if the polls hold, this is going to be his mess to clean up come January. Waiting only makes it worse. Grab a mop, Messiah. Click the image to listen.
Update: Most members of the Congressional Black Caucus, many of whom come from safe districts and aren’t at risk politically, voted no. Good work, Barry.
Bfb
Do pay attention. If you stand close to a powerful electromagnet, some of this might get through that chip in your brain.
http://economistsview.typepad.com/economistsview/2008/10/it-wasnt-fannie.html
And please, you are seriously posting “Karl Rove blames Democrats”? Well, fuck me sideways with a wire brush. I’m that shocked.
Oh, and by the by, you might want to check out what neoliberalism is before having a wee rant about it.
neokensei ‘
‘some of this might get through that chip in your brain.’
Eh ? Brain and Bfb are unaquainted
I’d have suggested the ‘limbic’ system as it would appear that’s all that’s left ‘powering ‘ the bfb ‘rant:(
I’m looking forward to his ‘assessment ‘ of Mrs Palin’s upcoming performance given that the ‘actuaries’ tell us that her chances of succeeding to the Presidency if Senator McCain were to win even if that is now increasingly unlikely – are five to one
McCain’s VP pick is now increasingly being seen as just another ‘political’ stunt that has ‘bombed’ in the opposite manner to which it was intended .
I feel for Bob’s confusion at this point. One page he rails against the bailout, the next page he hates Obama and the Dems for not doing enough to get it passed, although 60% of the Dems voted for it and only a third of House Republicans.
KenseiComeBack and Greenflag, I spent Monday thinking I couldn’t know enough about what was happening, it couldn’t possibly be as grim as I thought it was. Yesterday’s market activities, dead cat bounce or a remarkable recovery, helped me feel more cheerful, than this Thomas L. Friedman column in the Times knocked me straight back to realising it is every bit as potentially grim as I’d feared MOnday:
http://www.nytimes.com/2008/10/01/opinion/01friedman.html?_r=1&hp;&oref;=slogin
susan ,
‘I feel for Bob’s confusion at this point.’
Believe it or not I shared the same sentiment albeit briefly in passing
Friedman’s article is as one would expect from a writer who has trumpeted the ‘flat world ‘ for a decade or so . His new book which I haven’t yet read is titled ‘The World is Flat and Crowded’ . I’m guessing it’s a response to the increasing growth of financial, political, and energy resource stability over the past decade emanating mostly from the USA via a long ‘gestation ‘ in the heart of Thatcherite Britain and Reaganesque America .
I’m torn between hanging the Wall St gangsters and ‘bailing’ them out
There is a part of me that also says only a ‘collapse ‘ of these ‘financial services sector mega thieves ‘will restore the USA to financial sanity . But as Friedman says we live in a crowded connected world . And we know that the 1930′s depression helped prime the world for WW2. We have no idea how tens of millions of people many of them ‘armed’ (USA ) will act in a world where their savings and pensions disappear overnight:(
What is missing in the ‘debate ‘ by the politicians on Capitol Hill and which should also be part of the ‘deal’ is the quadrupling of USA credit card debt over the past decade . Since the financial services (banking , insurance, investment etc sector took over from ‘manufacturing’in the 1990′s there has been a quickening of it’s reach and control into every section of American society in a way that has never been seen before . The failure of the American economy over the past two decades to deliver ‘real ‘ wage increases matched to productivity increases has just fueled the wholesale rush of ordinary americans into taking on more ‘debt’ in order to maintain a ‘middle class ‘ level of existence . This debt was spurred on to ever higher levels by the need for the ‘deregulated ‘ financial instituions to make even more money for their ‘shareholders ‘ and of course the bonuses and golden parachute awards for those CEO’s who ‘fail’ at negotiating one or other of the convulsive turns or hiccups on the traffic lightless road of a deregulated sevices sector
The sub prime debacle has only added to the above . And thus the USA ‘economy’ stands poised on the edge of an economic and political precipice timed perfectly to coincide with a Presidential election , and a foreign war costing 10 billion a month . Meanwhile the average American wonders WTF ? and how did this happen and why was it allowed to happen . Friedman is right in saying the Government took it’s eye of the ball . Deregulation disregarded ‘human nature ‘ . One would have thought that lesson had been learnt from the experience of the unregulated 1929 collapse ? and even later the 1987 ‘internet’ generated collapse or even more recently the 2000 Nasdaq ‘ponzi scheme’ rise and fall of magic mirrors
As Frieddman points out the politicians on Capital Hill have been increasingly polarised since the 1980′s and even more since the 1990′s with the Gingrich ‘revolution’ . They are all now looking at the coming election over their shoulders while now and again peering into the precipice .
As of now if you don’t have gold bars , or swiss frances perhaps the ‘fetal ‘ position is the one which can provide the most comfort
.
I suspect the Senate will lead by ‘example ‘ – whether or not the House will follow is for another day ?
I recommend Kevin Phillip’s book ‘Bad Money’ for the big picture as to how the USA got from being a creditor nation in the 1970′s to being an almost clapped out debitor nation in 2008 . Phillips paints a very credible picture of the financial services sector together with their backers in trickle down economicdom, plus choral support from those elements close to the voice of a Christian God, plus an assortment of deregulators from both parties -cheering on the ever speeding decline of the late great USA
On the other hand it may only encourage you to adopt an even more foetalised position
I sleep on my back usually after tossing back and forth for 10 seconds
. Thus the foetal position is not an option.
oops error above
Should read
I’m guessing it’s a response to the increasing growth of financial, political, and energy resource INSTABILITY over the past decade
Be interested in tracking down the Phillip book, Greenflag. There’s a lot I find bewildering. I did understand,though, from the start that although the power and lack of oversight in the Paulson plan was appalling, the costs of doing nothing were going to be even more appalling, and not just on Wall Street but on big and little Main Streets, near and far. With or without a bailout there is going to be recession, and possibly a crash.
In the first shell-shocked hours after the House vote, the economist Paul Krugman was interviewed on air. He was calm, thoughtful, hyper-articulate — but the look in his eye was the look you usually see in family members anxiously awaiting news outside A & E after catastrophe has struck. With the failure of Congress to act, he said, his wife described the US as now being “a banana republic with nukes.”
He seemed more confident by yesterday, though, judging only by his on-line columns. That or he’s decided such candour is not responsible at the moment.
susan ,
‘ With or without a bailout there is going to be recession,’
The only question is whether it will be a short sanppy recession or a long drawn out ‘stagnation ‘ a la Japan in the 1990′s or the USA 1973 to 1983 approx .
‘ and possibly a crash. ‘
In July of last year the Dow hit 14,000 . It’s now at 10,500 ? and has been as low as 10,200 approx . That’s a drop of 27% in other words trillions of dollars of net ‘worth’ have been erased and that’s not counting the huge drop in home equity . The market drop has affected millions of people’s pension plans and on top of all this their home ‘equity’ has nose dived with still depreciating home values . Because of the credit crunch those home equity values will drop even more unless something is done to stop the drop or reduce foreclosures .
‘He (Paul Krugman) seemed more confident by yesterday, though, judging only by his on-line columns. ‘
Probably because the Dow did not dive another 700 points for the second straight day. Now that could have unleashed a mass meltdown . But it’s still a possibility .
‘ That or he’s decided such candour is not responsible at the moment.’
Krugman may be under consideration for a top level financial position in the new administration thus any candour has to be balanced with sagacity and each word measured against it’s potential impact
on an already hyper nervous Wall St and indeed Main St.
‘ With the failure of Congress to act, he said, his wife described the US as now being “a banana republic with nukes.”
She probably adapted it from the comment made by someone else that the USA was like Argentina with nukes . Any reference to Argentina would have had the local Argie Ambassador doing a Bolivian or Venezuelan and right it’s Ahminajibad of Iran who is the new ‘nuke ‘ pin up enemy .
IIRC the argentinian connection was made because in the last months of the Army Generals regime (another right wing shower of gangsters) the Argentinian currency dropped so much in value that the country reverted to barter and electrical appliance in particular new refrigerators became the main medium of exchange:(
The USA is not quite there yet and I doubt vey much that Mr Bush will attempt a coup d’etat with the aid of his miltary . He would’nt would he
Susan ,
‘There’s a lot I find bewildering.’
Don’t be bewildered . It’s not as complex as it’s made out to be . If you can understand that it’s not a good idea to give an 18 year old teenager just released from borstal a Poersche plus a couple of bottles of whiskey and cocaine and at the same time tell him to take his girlfriend or friends for a fast spin on the MI and see if it can do 200 KPH with the windows down and not expect disaster then that ‘s all you need to know
For in effect that is what the Bush administration did over the past 8 years and the prior Clinton administration was not guiltless either .
Only human nature ye see
.
But what you may say about our elected leaders – our bankers , economists , treasury officials etc etc . Aren’t they all wise men , experienced , adult , responsible , always above reproach and know what they are doing ?
In theory yes -in practice for every Sweden I can show you a Sudan or Zimbabwe . For every Switzerland or Japan there’s a Haiti and for every Botswana there’s a Congo . And for every Weimar Republic waiting to fall theres a totalitarian regime awaiting it’s chance of power.
Ok I’ll stop using neolib and go back to socialist asshole.
The evidence mounts, the dem socialist assholes have caused this mess and refuse to take responsibility. The facts, foot and fingerprints are everywhere. The socialist assholes rant about ceo compensation when
their palms are greased to the max!!! Despicable socialist assholes.
Bfb ,
Don’t get too upset . Mrs Palin is not a socialist asshole and she has all the answers or so we are led to believe . Great judgement displayed by Senator McCain in picking beauty before brains eh .
Maybe it’s just as well. After all just look at where the Bush/Cheney/Rumsfeld / Gonzales /Abramoff etc etc ‘brains ‘ have led the USA these past 8 years .
Have you seen the Virgin Mary in the hospital window in Springfield -Massachussets . The good folk of Massachussetts are now lining up to hear what she has to say and the rosary is being recited
I guess they are ‘praying ‘ for America – a laudable effort no doubt .
Makes a change from the neo con Republicans of the Bush/Cheney /Rumsfeld ilk and their buddies in the Oil companies and Haliburton and Enron who have not been praying for America but preying on America and as much of the rest of the world as they could get away with for the past 8 years !
As Father Jack would say
*&*&^%#**#
Here’s a great pop quiz for all you guys and gals out there. No cheatin now, d’ya hear?
http://hotair.com/archives/2008/10/02/pop-quiz-quotes-from-the-collapse/
Have you seen the Virgin Mary in the hospital window in Springfield -Massachussets . The good folk of Massachussetts are now lining up to hear what she has to say and the rosary is being recited
They’re lining up because that socialist asshole Deval Patrick has truly made Assachusetts a socialist asshole haven. (wink, wink, nudge, nudge, say no more…)
While he’s out campaigning for his socialist bro, assachusetts is falling apart, business running out of state…taxes falling…infrastucture falling apart, illegal alien spongers showing up in droves. Sanctuary state, you know…They’re fighting with the homosexuals at the town halls to see who gets to sign up for welfare and marriage certificates first. The good news is that planned parenthood is having a record year, killing babies. Shhhhh, don’t tell the grandparents.
‘Governor Deval Patrick’s administration is considering widespread emergency cuts in the state budget after tax collections plummeted by $200 million in the first two weeks of September, fueling fears of a deeper financial crisis as the nation’s economic outlook worsens.
The precipitous drop puts the state’s revenue far below what state officials had budgeted for this point in the fiscal year that began July 1, according to a Department of Revenue report. Moreover, officials expect the budget situation to worsen as the turmoil in the nation’s financial markets weakens the economy, resulting in lower tax revenues for the state.
“The current economy and its impact on the state are going to complicate what’s already been a challenging budget problem,” said Leslie Kirwan, Patrick’s secretary of administration and finance, who has grappled with consecutive $1 billion budget deficits. “We will be watching this very closely for the rest of the month.”
The state anticipated it would collect about $1.1 billion in the first two weeks of September. Instead, it generated only $889 million, an 18.4 percent drop from the same period last year. Overall, budget officials hoped to end the month $80 million ahead of September 2007 collections, a threshold that now seems unreachable given the shaky economy.
The Revenue Department report attributed the drop to weak collections from payroll taxes, which were down $73 million, and anemic revenues from corporate business taxes. Those collections dropped $84 million from a year ago. The state also generates revenues from sales taxes, income taxes, capital gains taxes from investments, and other sources.
Kirwan said the numbers in the Department of Revenue report caused the administration this week to ask managers to comb their books to ensure that salary accounts are being kept level and that merit raises have been suspended.
The report indicated that collections could rebound in the latter weeks of September because the majority of revenue is processed at the end of the month.’
Most incisive video yet identifying the culprits in the current crisis.
Only 90 seconds long.