Thursday, October 2nd 2008, 4:00 AM
In the boom years the financial world, which we call Wall Street, reaped rewards to satisfy King Midas. In just one recent year, 2006, its firms paid out an astonishing $62 billion in bonuses (no, this is not a typo).
The "masters of the universe" created not one bubble, but two: a housing bubble and then a credit bubble, and now that both have burst we face a growing danger of a global financial panic. Every day that passes without a remedy multiplies the risk of a complete freeze up of the financial and credit markets. This threatens a crash of horrible consequences.