Wall Street’s Black Sunday & Monday Meltdown
The magnitude of this financial, housing, and credit crisis, is difficult to put into perspective. But, if you have a 401K, you are losing money. Fallout from this meltdown will continue, and there is no end in site. President Bush is leaving a real financial mess for the next president. Who can we trust to fix this? Can it be fixed?
It was one of the most tumultuous weekends in Wall Street history.
Lehman Brothers, the fourth-largest investment bank in the United States, announced it is filing for a record bankruptcy after federal intervention failed to find a willing buyer Sunday. Bank of America (BoA), originally a Lehman suitor along with Barclays and others, is planning to buy Merrill Lynch instead for roughly $50 billion. Insurance giant AIG, meanwhile, is sinking and needs $40 billion to stay afloat. The Federal Reserve announced new measures to help markets cope with the fallout.
UPDATED…
McCain: Fundamentals of Economy are Strong??????
Obama: What Economy Is McCain Talking About?
Biden: McCain out of touch on economy.
How Sarah Palin will fix the economy?????
Second UPDATE
The DOW closes with a 504 point loss. This is the single biggest drop since 9/11.
USA Today – Bloomberg calculates that stocks erased more than $600 billion in value and that S&P 500 financial shares fell the most since at least 1989.
ABC News - “Terrible” only begins to describe Monday’s disaster on Wall Street, as one bank filed for bankruptcy, another was bought for a song and an insurance giant faced a struggle to stay solvent.
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