ROTTING FROM THE TOP

The banks are doing great. The stock market is up 25 percent. Happy Days Are Here Again!

Ladies and Gentlemen, welcome to the White Star Titanic. We are not sinking, there are plenty of lifeboats, please go back to an evening of fine dancing.

If you're happy with that, maybe you shouldn't listen to this edition of Radio Ecoshock. We're going to hear other voices, outside the mainstream box.

Famed ABC producer, author and blogger Danny Schechter will lead off the charge. He claims the financial system is riddled with fraud. We'll hear snippets from insider business Bears Ian Gordon and Meredeth Whitney, the one-woman force who broke out the truth about Bear Stearns. Whitney ends up advocating relocalization, and warning you - that credit card you've counted on may go bye-bye.

Our mystery guest is Ilargi, from the popular financial blog The Automatic Earth. And we have an earthquake from within the Obama Administration itself. Elizabeth Warren heads a Congressional Panel overseeing the TARP funds. She questions the whole program, wondering if Tim Geithner's Treasury has any real strategy. Based on the experience of other countries, the U.S. is going the wrong way down a one way street. Warren sounds like a mother to America, as she explains this whole crisis. You'll hear the best of that.

Here are all the links you'll need for this week's Radio Ecoshock Show:

Danny Schechter's blog: http://www.newsdissector.com/blog/

"Bear Attack" on BBN - 4 financial bears: Nouriel Roubini, Eric Sprott, Merideth Whitney and Iran Gordon. http://www.bnn.ca/8430.html

TARP: Elizabeth Warren Congressional Oversight Panel Chair - April Report shows very different approaches from that taken by Treasury Sec. Tim Geithner. Revolutionary talk from inside Washington in this 8 minute You tube video (easy to understand!)
http://cop.senate.gov/video/index.cfm#tab10

Elizabeth Warren's explanation of the foreclosure crisis - also easy to understand, if very sad.
http://cop.senate.gov/video/index.cfm#tab10 (8 minutes on You tube, and from this government site.

The Automatic Earth blog - headed up by "Ilargi" our final guest on Radio Ecoshock this week.
http://theautomaticearth.blogspot.com/
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Music: "Happy Days Are Here Again" Ben Selvin and the Crooners 1930 (no copyright)