God Help Us
Lehman, the fourth largest US investment bank, is filing the biggest bankruptcy in history.
Merrill Lynch, the firm that in many ways defined Wall Street for decades, having lost more than $45 billion on its mortgage investments is being sold to Bank of America. Freddie Mac and Fannie Mae are receiving “the mother of all bailouts” in no small measure because of “regulatory negligence”.
And Alan Greenspan says this is a “once-in-a-century” type of crisis and the worst economy he’s seen in his career.
But John McCain, who said in January we’re better off now than we were eight years ago, who said, but then denied saying he needs an education in economics, who said the recession is “partly psychological“, has a good chance of becoming president.
Feel better now?Click here for reuse options!
Copyright 2008 Liberaland