Markets Continue To Unravel

The world financial markets plunged again on Wednesday despite the fact that the US Federal Reserve and other central banks synchronized an interest rate cut. Wall St. speculators sold off in the last half hour dropping the Dow 190 points. TRNN spoke to Dr. James K. Galbraith who said that markets will continue to unravel unless the mortgage crisis is stabilized and people are stable in their homes.

James K. Galbraith teaches economics at the University of Texas where he is a Senior Scholar of the Levy Economics Institute and the Chair of the Board of Economists for Peace and Security. The son of renowned economist, the late, John Kenneth Galbraith, he writes a column called "Econoclast" for Mother Jones, and occasional commentary in many other publications, including The Texas Observer, The American Prospect, and The Nation. He is an occasional commentator for Public Radio International's Marketplace.He directs the University of Texas Inequality Project, an informal research group based at the LBJ School.