Obama and McCain are both recipients of vast Wall Street generosity, and firm believers in the economic orthodoxy that overthrew the Glass-Steagall Act — leading directly to today.
Welcome to the Titanic, an unsinkable pleasure ship.
Bank of America is buying Merrill Lynch for $45 billion, AIG needs an emergency $40 billion bail-out from Uncle Sam to stay afloat, and Lehman Bros is kaput. Whew! The financial world has been turned upside-down overnight. It’ll be a rough day of trading ahead.”
The news of Wall Street’s Sunday night massacre sent foreign stock markets into a deep swoon. Shares tumbled in Asia and dropped more than 4 per cent in Europe. The dollar is steadily losing ground to the euro and gold is on the rise. The question is not whether the Dow will fall, but “how far” and what affect that will have on increasingly fragile financial institutions.
Lehman Brothers, the 158 year old Wall Street warhorse, announced Sunday that it will file for bankruptcy after…
House Minority Leader John Boehner is pointing the finger squarely at congressional Democrats over the latest market meltdown, the beginnings of what is sure to be a protracted blame game between the parties over who is responsible for the country’s newest economic woes.
“All across America, families are struggling with the fallout from the turmoil …
There’s been talk of a potential failure of Lehman Brothers for months, and the investment bank already had a near-death experience in 1998. Merrill Lynch has been labeled takeover bait for two decades. Insurers do go under from time to time.
* CNNMoney: Dow Closes 500 Points Lower
* Bailout Nation
But throw together the collapse of Lehman — the biggest-ever U.S. bankruptcy — the lightning takeover of Merrill Lynch by Bank of America, concerns that giant insurer AIG is now on the brink as well, and a financial crisis that has been rolling along for more than a year now, and you get a day that will be enshrined in the history books. Whether it will go down as an economy-shattering debacle or a near miss is…