Courtesy of Pam Martens.
President Bill Clinton Signs the Gramm-Leach-Bliley Act on November 12, 1999, Repealing the Glass-Steagall Act
The average American, scraping to get by, put food on the table, pay the mortgage, has no time at all to drill down and root out the real facts that would enable him or her to separate propaganda from the economic reality facing the U.S. and the rest of the globe.
That’s why we created Wall Street On Parade. It’s a labor of love for our fellow citizens to give you a meaningful jungle guide to survive this era of unprecedented corruption and hubris with a roof still over your head and a shirt on your back.
In a few years, when you look back, you’ll realize “jungle guide,” if anything, was a serious understatement.
This morning stock markets around the globe are flashing red. The perceived wisdom is that the news driving stocks lower is a report out of China that its imports plunged 17.7 percent year over year in September, the 11th straight decline.
Make no mistake about it, just as Lehman Brothers was set up to take the fall for triggering the 2008 collapse, China is being groomed as the new scapegoat for the coming crisis. But China’s economic slump is only a symptom, not the disease.
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