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Go, Michael!

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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.

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We Have Not Hit the Bottom Yet

In news that has effected consumer confidence, recording record low levels--

The latest S&P/Case-Shiller home price index shows April home prices dropped by 15-point-three percent from a year earlier in 20 U.S. metro markets. The index has dropped every month since January of 2007. A senior economist commented the current size of home inventories indicates prices will decline even further.

This is going to continue to be a bumpy ride down hill. This will mean more foreclosures, more job loss in the building, repair and contracting sectors, and pretty much every other industry related to home building, home sales, landscaping, etc. etc. etc. We need to add the architects of the subprime fiasco to the list of people that have to answer for the disasters of the last 8 years.

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Largest Homebuilding Company DR Horton: $1.3 billion Loss

Analysts still can't figure out the home builder stocks. D.R. Horton - the country's largest home builder, reported a loss Tuesday that was 10 times as large as Wall Street expected.

Wallstreet still seems to have no idea what is going on, or the extent of this industry's problems. Is it just me, or is this a classic case of the blind leading the blind? More.

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