Lehman Brothers, an investment bank that predates the Civil War and weathered the Great Depression, filed the largest bankruptcy in American history. A second storied bank, Merrill Lynch, fled into the arms of Bank of America.It was by far the most stomach-churning single day since a financial crisis began to bubble up from billions of dollars in rotten mortgage loans that have crippled the balance sheets of one bank after another and landed mortgage giants Fannie Mae and Freddie Mac under the control of the federal government.
"We are in the middle of a deep, dark recession, and it won't end soon. Here it is, and it is pretty nasty," said Barry Ritholtz, who writes the popular financial blog The Big Picture and is CEO of research firm FusionIQ.
And McCain, McSame, McLiar said the economy was strong:
Photo, source: AP
1 comment:
Mo says that we should feel a little sympathy for McInsane, he forgot he was responsible for the deregulation of financial institutions like those going broke. You think he would have learned from the Savings and Loan debacle of the early 1990's. He seems to forget which side he is on. Tsk tsk.
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