Global markets down again today

As interconnected as business is these days, a sniffle quickly can turn into a cold and spread around the world in no time. The irony of this situation - where markets are nervous due to the exposure of large financial organizations who joined the subprime lending game - is interesting since it's the large financials and big business who is starting their latest whining campaign about softening regulation just as the world is witnessing their self-made problems. There were plenty of critics who warned of such problems but no one (such as Greenspan, the man who never shied from ignoring problems on his own watch) took a stand.

The current situation is so serious that even troubled GM is sending $1 billion to GMAC to help ease the pain of bad housing loans. With New Century Financial Corp being de-listed on Wall Street and a list of other possible candidates to do the same, where exactly was the over site? Who could not see the negative impact of losing billions of dollars from Wall Street? It is in everyone's best interest to avoid major disruptions in the financial markets but the Republicans chose to ignore the problem and let business regulate itself. Some leadership though it explains so many problems that the US and world is facing right now.