What a weekend on Wall Street
September 14, 2008
What’s up fam,
So the mortgage crisis is steadily swimming upstream and reports show that Bank of America just bought out Merrill Lynch. After what appeared to be Treasury Secretary Paulson’s unwillingness to use taxpayer money to help bail out Lehman Brothers, Merrill saw the writing on the wall and took care of their investors before time ran out. In the interest of full disclosure, I interned for Merrill when I was in college when Stan O’Neal was there. Nevertheless, it is interesting to see writers talk about how difficult it is for banks in this economic turmoil. Trust me on this, people who lost their homes in a far worse situation than the top folks at Merrill. What worse is that for as bad as this situation is, what will prevent our economic system from riding the boom and bust of the bubble. In the 90’s it was the tech bubble. The first decade of the 21st century is witnessing the bust of the housing bubble. I say we use the 10s to ride a clean and renewable energy that only busts global warming, poverty, and a national security dependent on oil security.
Stay up fam
