Traders work on the floor of the New York Stock Exchange, October 6th, 2008. Stocks slid for a fourth straight day on Monday, leaving the Dow below 10,000 for the first time in four years, on fears the global economy was hurtling into recession despite government efforts to contain the fast spreading financial crisis.
#TremontSchool I was watching the news last evening when Ben came in the room for a while. After watching some of the news about the stock market falling below 10,000 points Ben told me how his business economics teacher had told the class it was all because of Fannie Mae and Freddie Mac.
I am appalled!
She must be getting her information from Faux News because she hasn’t even mentioned all the deregulation that allowed the banks and Wall St. to invent worthless instruments like credit default swaps. Neither did she mention there are 50 to 60 TRILLION dollars worth of them in the market —— almost all are worthless.
It is so bad nobody has even kept track of them all and they can only GUESS within 10 TRILLION dollars! And this school is teaching my children Faux News GQP talking points instead of the truth. It is no wonder this country is so fouled up when even our children are taught Repuglican lies as truth.
(Also, any class labeled “business economics” fairly shouts bias.)
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