What a weekend on Wall Street

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

Advertisements

Tags: , , ,

2 responses to “What a weekend on Wall Street”

  1. Garlin II says :

    B,

    Republicans only think times are hard when corporations are the ones “suffering”. People losing their homes is seen as just “part of the game” for businesses that see discriminatory lending as good business, providing loans without proof of income as safe investments, and firing/laying off workers as a viable path to profitability. It’s disgusting.

    I think the selective corporate welfare is what’s most telling, and it makes me wonder who within the Administration Lehman Brothers pissed off.

    One Love. One II.

  2. steven m devougas says :

    Now that corporate america is getting thrown under the bus, people are getting religion. To us little people, we need to get our houses in order and tighten that belt, because nothin is promised. By the time the most people realize we are in a recession, black america will have entered a depression.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: