Monday, September 15, 2008

Lehman Down for the Count, BoA buys out Merrill Lynch

Ok, the fun and games continue. Huge banking and investment firms topple. If people aren't getting that "depression" vibe yet not sure what will wake them up to the fact that these firms played cowboy economics while the preznit was playing cowboy politics. It is going to be a bumpy week/month/holiday season...

Couple o'eyecatching lines today;

Dow Plunges 500 points.

...the 158-year old investment house is racing toward liquidation.

Lehman joins more than 10 banks over the past 12 months to be battered by the credit crunch, including Bear Stearns, AIG, Countrywide, Wachovia, WaMu, and others.

Lehman declined comment Monday on the bankruptcy and its impact on employees, but evidence of the fallout came in various ways as cameras covered employees with their belongings streaming out of Lehman locations in New York and elsewhere around the world.- By Ellen Messmer, Network World, 09/15/2008
It looks like talks of bailing them out are over. And most analysts are saying that is a good thing, commenting that government has been overly involved in rescue efforts after companies have made bad and risk heavy decisions in recent years. This one is gonna hurt.

A reality that we should be mentioning frequently this week, the GOP is fielding a candidate at the top of the ticket who admits to limited economic understanding and experience. great.