rssAnd The Sky is Falling, Too
Monday, September 15, 2008 at 9:15 am
- 9 Comments
It’s an entirely new financial world out there today — in a single weekend, Wall Street has turned upside down.
As The Washington Post explained, two of the world’s biggest investment banks are basically about to disappear, with Lehman Bros. filing for bankruptcy and Merrill Lynch being bought by Bank of America. Once the shock of all this settles today — and the markets begin to react — questions will begin anew about whether the Federal Reserve should have stepped in here, the way it did to rescue Bear Stearns in March.
But if today’s news isn’t unsettling enough, consider this possibility. Maybe the Fed didn’t step in because it couldn’t. Yes, the Fed decided over the weekend to loosen its lending practices a bit, to keep cash flowing. But that’s all.
But, maybe the Fed is, as they say, out of powder. Maybe it decided the government no longer has endless pockets to rescue failing banks — even those as big and venerable as Lehman Bros. and Merrill Lynch. Maybe there’s no backstop anymore.
Whatever the reason for the Fed’s decision, it’s clear Wall Street is on its own now. Keep your eye on the markets today; it should be a bumpy ride.
9 Comments
Comment posted September 15, 2008 @ 8:45 am
We can't survive because we put Billions into Iraq these last years! Over nothing at all! Can you immation if we had all that money back from Iraq what we could do now with it to shore up our economy and stop Banks from going belly up! It wasn't only the houseing market1 It was the Iraq war, Ear marks of billions and not working for independence off foreign oil and a lot more this Republican base has done wrong for our country! They say but Dem's been in congress now 20mo, why didn't they stop this? well maybe it's because Republicans threw 77 filibusters against them in 20 mo's an threatended even more! This Buck stops on the Republicans Heads this time, and their is no wiggle room out of it! It's time to face facts here, I jumped the Republican ship several months ago to vote Obama, when Mccain flat out said he didn't know much about the economy. than I knew I did right when he brought Palin into for a Political Stunt!
Comment posted September 15, 2008 @ 1:45 pm
We can't survive because we put Billions into Iraq these last years! Over nothing at all! Can you immation if we had all that money back from Iraq what we could do now with it to shore up our economy and stop Banks from going belly up! It wasn't only the houseing market1 It was the Iraq war, Ear marks of billions and not working for independence off foreign oil and a lot more this Republican base has done wrong for our country! They say but Dem's been in congress now 20mo, why didn't they stop this? well maybe it's because Republicans threw 77 filibusters against them in 20 mo's an threatended even more! This Buck stops on the Republicans Heads this time, and their is no wiggle room out of it! It's time to face facts here, I jumped the Republican ship several months ago to vote Obama, when Mccain flat out said he didn't know much about the economy. than I knew I did right when he brought Palin into for a Political Stunt!
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