Lehman Brothers

[Benny Profane]

This is going to be a huge drag on our economy. You have to figure that about 85,000 people are going to lose high paying jobs in about 4 minutes. Global financial markets are all taking big hits right now, especially Asia, which is going to lead to some serious inflation or a serious devaluation of the dollar. It's likely to get more difficult to get credit and you're going to see interest rates on any kind of debt going up. Basically, it's going to be time to pay the piper.

Alan Greenspan said over the weekend that this is the worst financial crisis he's ever seen and there's a risk of a depression in the near future.

This is the continued snowball reaction when you give out ARM loans on $400,000 homes to folks who make jack squat and then bail them out.

This morning there will be PANIC.

[Benny Profane]

So far, it's a bloodbath.

[Saya]

Yeah, and it's going to get even worse.

Greenspan called this an "once-in-a-century" (http://news.yahoo.com/s/afp/20080914/bs_afp/useconomygreenspan_08091418184 1) financial crisis.

[shaun]

Merrill as well.

This isn't just our economy. Unless global (as well as US) banks/governments pitch in to cover the liquidity issues some of these banks are having, it'll be a worldwide slaughter of the financial markets. The good news is that there are no anti-trust laws to prevent banks from helping each other out. Bad news is that they can overcook themselves if they take on too much.

Bad situation all around. A good friend moved from Merrill to Deutsche Bank right before the Bear Stearns bailout and she isn't any more comfortable than she was. International banks are getting hammered too.

Also, Greenspan's shitty alternative housing policies are partially responsible for the current mess. He can go fuck himself.

[Malickfan]

The best thing about Lehman Bros. going bankrupt?

http://www.liveleak.com/view?i=adb_1221494431

[MadMan]

The best thing about Lehman Bros. going bankrupt?

http://www.liveleak.com/view?i=adb_1221494431Hilarious .

And I think I'll use this latest news to counter act anyone who thinks our economy isn't approaching critical mass crisis.

[shaun]

Pretty sure we've found the culprit responsible for this whole mess.

http://money.cnn.com/data/world_markets/

Nooooorwaaaaaay!!