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Economist Ken Gartrell on Bank Failures

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Andrea Shea King

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Americans awoke today to the shocking news that two Wall Street banks have failed causing the stock market to tumbled 300 points at the day's open. "It's a big mess", says Ken Gartrell, management consultant and economic expert, who explains that the situation was created when the Federal Reserve Board relaxed standards in order to enable as many American citizens as possible to own homes. Tonight Dr. Gartrell joins us to answer our questions: How did this happen? Who'll fail next? Credit card industry? What impact will this have on the national economy? On the American taxpayer? On 401K retirement funds? And now what? Is more or different regulatory reform needed? Is the USA still the world leader in prosperity and recession? Who will benefit?

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