October 05, 2008
CBS News
Steve Kroft looks at some of the arcane Wall Street financial instruments that have magnified the economic crisis.
It began with a terrible bet that was magnified by reckless borrowing, complex securities, and a vast, unregulated shadow market worth nearly $60 trillion that hid the risks until it was too late to do anything about them.
And as correspondent Steve Kroft reports, it’s far from being over.
Continue reading 60 Minutes: A Look at Wallstreet’s Shadow Market
On what basis can PM Manning justify spending an astronomical $503m (one percent of the 2009 budget that is equivalent to the sum for the construction of the Tobago power plant) to host the Summits of the Americas and the Commonwealth in 2009 if not to boost his already inflated ego? What diplomatic goodwill and political and economic benefits will accrue to the pauperized people of T&T from hosting these Conferences when we are burdened with a poverty rate of 27%? The poverty gap is widening and pensioners on fixed incomes are ketching their “nennen”.
Im sorry to say that I think that John McCain is going to be the next president of the United States. After the long night of Bush horror any Democrat should easily win, but the Dems are screwing it up and McCain has been running more-or-less even with Barack Obama in the polls. The Democrats should run on the slogan “If you liked Bush, you’ll love McCain”, but that would be too outspoken, too direct for the spineless Nancy Pelosi and her spineless party. Or, “If you liked Iraq, you’ll love Iran.” But the Democrat leadership is not on record as categorically opposing either conflict.
Sarah Palin, it seems, is about to topple the Presidential apple cart. My friend Louis Lee Sing (we were in Chicago to look at the T&T vs. USA soccer match) is afraid. “Selwyn,” he says, “it seems as though Palin might do it.” It’s all about the best made plans of mice and men and thunder striking from afar. Here, in Chicago, the home of Obama, there is cautious optimism. In Boston where I teach, there is tentativeness about how to interpret Palin’s candidacy; and in New York where I visited the last weekend to take my daughter to dinner for her birthday signs of apprehension abound.
Citizens of T&T must now awake. Let us discard our politically partisan lenses with which we have viewed and assessed the recent conduct of governance by PM Manning. We must demand immediate answers from him on what is going on with the defence of the integrity and continuing ownership of our abundant, rich-yielding maritime patrimony from the creeping encroachment of Barbados.