September 15, 2008

Hurricane on Wall Street

One storm has wrecked physical havoc while the next will wreck financial havoc.  Wall Street is not the customary site for a hurricane but Lehman is filing Chapter 11 while Merrill is selling to Bank of America.  On the same day.  After Indy/Mac collapsed only weeks ago and Fannie Mae and Freddie Mac became overwhelmed even more recently.

Reports continually state that 110 banks are in serious trouble and may not be here next year.


Guess somebody didn't tell the truth about how adjustable rate mortgages might not work out for the folks.  Not that this problem has a single cause.  But truth telling, and greed, have something to do with this financial hurricane.  I think, anyway.

Hope everyone gets a chance to rebuild their homes and businesses in Galveston.  Hope some high level financial executives don't get their bonuses this year.  Hope Bank of America and CitiBank don't end up owning everything in America. 

What makes us think they won't collapse, too?  Nah, of course they won't.  I feel certain they at least pay out nice bonues for executives who successfully protect long-term interests.


Somebody send FEMA to Wall Street.


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