Thursday, July 12, 2012

Here we go again – the financial woes of another country are now our problem

              Good Day Humboldt County!

Every time I hear about financial woes overseas I cringe, because it means the U.S. is going to feel the impact.

We, you and I, are going to suffer because criminals in another country, the U.K., got caught manipulating bank rates late in June.

I don’t know about you, but I think this global economy stuff sucks! Every time another country threatens to default financially – think Greece – the rest of the world has to scramble to save them from themselves. Now, criminals from another country are ruining people’s lives here.

It’s like one big game of deadly dominos…when one falls the rest follow: 

“It may seem like just another obscure banking scandal at a 322-year-old British bank, but there are a number of good reasons why you should care about the LIBOR rate-rigging scandal now roiling the world’s biggest and most powerful banks, including that it probably cost you money if you own a mortgage.

Robert Shapiro, former Under Secretary of Commerce for Economic Affairs in the Clinton administration and now chairman of Sonecon, an economic advisory firm, warned Wednesday that the LIBOR scandal could become the largest financial fraud in history.

Shapiro wrote in a blog Wednesday that “coming on top of the reckless and dishonest behavior that led to the 2008 financial collapse, the LIBOR manipulations should finally dispose of the conservative case for self-regulation by Wall Street.” (Source)

Time for me to walk on down the road…

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