Lehman is history
Merrill is under BofaA's shadow and for all purposes vanished
AIG has been almed by the Fed by a whisker
Morgan Stanley considering merger with Wachovia
WaMu perhaps the next one to disappear
Goldman Sachs the hero of the street plumetted 25% today
Lloyds mulling eating HBOS
These have been some of the most catastrophic events in Wall Street in a while - This is deeper hole - a black one, I am afraid. Much deeper than the dotcom burst. That was just the technology world. This one is the very basis of modern capitalistic world - Banks, Financial Services and Insurers.
Who will bear the responsibility of leading the finance structures the backbone of any economy. Loans are even costlier now. The economy is already in recession with more than 25% drop from the 14,000+ mark that Dow hit just a few months ago.
The common man's dreams are shattered now. Will this world recede into the 1980's with modern technological inventions available but doomed into lack of money.
What happens to the booming economies. Are funds tough to come by? What happens to the credit that masses have taken in these places?
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