Comments on: Lehman Bidders Walk

By: Financial Meltdown FAQ | Demockracy

Financial Meltdown FAQ | Demockracy — Sun, 21 Sep 2008 20:40:03 +0000

[...] has covered the recent financial crisis involving Lehman Brothers, Merill Lynch, AIG, and others. However, we want to make sure our readers have resources to better [...]

By: McCain: The Fundamentals of the Economy Are Strong | Demockracy

McCain: The Fundamentals of the Economy Are Strong | Demockracy — Tue, 16 Sep 2008 00:55:22 +0000

[...] like this today probably was not the smartest move considering the Dow is down 600 points, Lehman Brothers declared bankruptcy, Merill Lynch was sold on the cheap to Back of America, and AIG is deep financial [...]

By: Kevin

Kevin — Mon, 15 Sep 2008 02:42:04 +0000

From Political Wire:

“My goodness. I’ve been in the business 35 years, and these are the most extraordinary events I’ve ever seen.”

– Former Nixon Commerce Secretary Peter G. Peterson, quoted by the New York Times, on the crisis in the financial markets.

In addition, Allistair Darling, the British Financial Minister recently claimed the situation was the worst in 60 years.

Of course, both of these are overstatements (especially Darling’s–Britain had freaking rations in the late 40s and early 70s), they are still not all that comforting.

By: Kevin

Kevin — Mon, 15 Sep 2008 02:38:34 +0000

This is not a good situation. Apparently Merill Lynch was sold to Bank of America for pretty cheap and AIG is claiming that they need $40 billion to cover their pensions.

Although the latest forecasts predict that growth this year will be about 2%, things are not looking all that good. Sure 2% growth isn’t a technical recession, but when most consumers are facing inflation near 6% and almost all of the growth is very concentrated, things are going to appear a lot worse than they are to the average citizen.