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Capitalism in convulsion
Capitalism in convulsion: Toxic assets head towards the public balance sheetBy John PlenderPublished: September 19 2008 19:25 | Last updated: September 19 2008 19:25Read the complete article here:http://www.ft.com/cms/s/0/b210deec-8675-11dd-959e-0000779fd18c.html"In the space of just two momentous weeks, the landscape of global finance has been dramatically transformed. President George W. Bush’s administration has mounted a multi-billion-dollar rescue of the financial system at the cost of inflicting severe damage on the US model of free-market capitalism."Heavy costs will be inflicted on the American taxpayer, who is now subsidising Wall Street – and indeed financial institutions around the world – in a bail-out of unprecedented size...."The reality is that the financial system has been operating as if it were an off-balance-sheet vehicle of the government. Private-sector companies and individual bankers have been making huge profits in the bubble. Their risk appetite has been enhanced by previous ba
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