The human face of the ongoing global economic meltdown: perpetrators and victims of the crisis, plus some outside-the-box solutions.
The storm had been gathering for years: wanton spending and borrowing, unregulated banking, unprecedented levels of greed and risk. Then in September 2008, Wall Street’s bill came due: an epic deflation of wealth swept away arrogant financiers and their fraudulent gimmicks, setting the stage for reform. William Greider explains what went wrong: “Creative Destruction on Wall Street.” (AP Images)
George Mitchell, a victim of predatory lenders, and his daughter Chandra Chavis, in front of his home in Atlanta’s Westwood neighborhood. Kai Wright explores the plight of African-Americans bankrupted by the mortgage industry in this article and later in this video . (Photo by Christopher Martin)
As a horrified nation sees millions evicted, community organizations–and at least one lawmaker–advise them to hold their ground, Nicholas von Hoffman reports. (AP Images)
Marie Nadine Pierre and her baby, Nennon, are squatting in a foreclosed house in Miami. Ben Ehrenreich examines the work of activists demanding a foreclosure freeze, renegotiated loans and a bailout for all. (AP Images)
The global economic crisis has hit Britain harder than any other developed country, D.D. Gutenplan reports. (AP Images)
There’s an upside to economic catastrophe, at least in Iceland. Rebecca Solnit explains how a cold country lost its shirt in the global economic meltdown, but may have found its soul, as once passive Icelanders demand accountability from their government. (AP Images)
As the bailout state goes into overdrive, popular anger at the lords of Wall Street is raging. During the Great Depression, that anger was channeled into FDR’s New Deal reforms. Steve Fraser asks, is the same change possible in 2009? (Reuters Pictures)
Treasury Secretary Timothy Geithner was condescending, vague and infuriating as he lectured Americans on the troubled financial system last week, feeding a suspicion that he’s still working for the other side, William Greider writes here. (AP Images)
A lineup of less-than-photogenic Wall Street bank executives who testified before House Financial Services Committee on Capitol Hill in Washington. Robert Scheer argues that President Obama needs to show more tough love for bankers here. (Reuters Pictures)
In a time of scarce healthcare resources, the saga of Nadya Suleman–mother of octuplets and six other children–reveals deep cultural conflicts over whether children are a blessing or a curse. A demonstrator expresses his feelings outside Suleman’s California home. Nation columnist Patricia Williams analyzes the issues here. (AP Images)
Where will we find the money to finance healthcare reform? Rep. Barney Frank suggests we start with the military budget. (AP Images)
Don’t exhaust the Treasury to keep insolvent financial giants alive, The Nation‘s editors write. Better to liquidate banks, sell off their assets and let shareholders eat the dust.
The NationTwitterFounded by abolitionists in 1865, The Nation has chronicled the breadth and depth of political and cultural life, from the debut of the telegraph to the rise of Twitter, serving as a critical, independent, and progressive voice in American journalism.
The NationTwitterFounded by abolitionists in 1865, The Nation has chronicled the breadth and depth of political and cultural life, from the debut of the telegraph to the rise of Twitter, serving as a critical, independent, and progressive voice in American journalism.