Economy of U.S. in depression

Capitalism in entire Western world stood on the verge of collapse -- and is subject to unique internal traumas that had been fathomed long before other economists began to diagnose this malady, whose symptoms were discernible as early as the birth of the republic. According to the author Dr. Ravi Batra (in his book: “The Great Depression of 1990”) – the U.S. capitalism was in its infancy when it had its first bout with economic depression in 1782; it went weathered that storm, only to be hit by it again and again.

Today, the Lehman Brothers, the fourth-largest capitalist investment bank on Wall Street in America, collapsed into bankruptcy in one of the biggest financial stocks in years.

The Lehman Brothers company was founded in 1850 had faced an uncertain future for months, having lost billions of dollars through the credit crunch. It failed for bankruptcy protection after rescue talks failed.

Would the bailout of US$700 billion as proposed by U.S. President Bush save the financial crisis of Western capitalism?

Let us wait and see the miracle.

The ever-excellent Clay Bennett is now publishing his stuff here.