Midya's Weblog

WALL STREET, ETC.

Street sign of the Wall Street (AP)

Two Wall Street giants fall

Lehman Brothers files for bankruptcy and Bank of America buys Merrill Lynch in a $50 billion deal. » Crisis

 • World markets decline after seismic shake-up on Wall Street
• Remnants of Hurricane Ike blamed for 15 deaths in the Midwest
• Flood waters cause 100 caskets to surface at Texas cemetery
• Gates flies to Baghdad to transfer war command to new general
• Obama blames Wall Street crisis on GOP’s economic policies
• Shark fisherman said to have inspired ‘Jaws’ captain dies at 82
• Seattle residents flock to bar to compete in adult spelling bee

Can anyone out there believethe fallout from this housing debacle?  And to think that not only were bankers involved whose business is managing risk, but somehow the media didn’t criticize either them or the politicians who fueled the housing bubble with ridiculous policies villinizing down payments (Bush ’02) and increasing the money supply to unprecedented levels (Greenspan ’92).  At the moment, I will be looking for criticism of the onslaught of mergers between financial institutions.  All this consolidation just spells even worse things than the housing crash.  I’m not saying stop it necessarily, but there is another side to the story that the media seems to be ignoring.

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This entry was posted on September 15, 2008 by in Uncategorized.
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