Today has been perhaps the most eventful day in Wall Street history since October 29, 1929. And tomorrow may top it. In a literal barrage of horrible news, it has been announced over the last few hours that Lehman Brothers will file for bankruptcy, and by all accounts, will be liquidated; and Merrill Lynch will be purchased by Bank of America for $44 Billion. And thus, in a span of 24 hours, two of Wall Street’s most storied investment banks will disappear. In the next week, it appears that Washington Mutual and AIG will also fail.
Meanwhile, Alan Greenspan, whose sneezes causes the Dow to drop 100 points, said today that the current financial crisis is the worse he has seen in his lifetime, and that the US is most assuredly heading into a deep recession. Further, Mr. Greenspan said that McCain’s tax plan would devastate the economy.
And these GOP thugs want to run the country for another 4 years? What, they want all the banks to fail so we really can experience 1929 all over again?