Participants in Saturday's discussions about the failing Lehman Brothers included executives from Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citigroup and Merrill Lynch.
So much for fairy tales about the so-called "free market." Ah. But don't worry. It's all for our own good. Ever feel like saying "baaaaa"?I like this one:
Global fears intensified Saturday that the collapse of the country's fourth-largest investment bank would stagger markets and undercut confidence in the U.S. financial system.
As if it hasn't already effectively collapsed. That's today's defininition of a "Free Market;" it's free fall for people with a health-care crisis who are subjected to Senator Biden's Bankruptcy "reform" law, but not for the upper crust free marketeers. OOOoooo "Change is coming." Of course, McCain/Palin are worse.
At least the following statement regarding "bad bets" is half-honest:
Bad bets on real-estate holdings — which have factored into bank failures and taken out other financial companies — have thrust the 158-year-old firm in peril.
True, the decisions were "bets" as are made in gambling halls, now called "trading floors". But they were not "bad" they were "stupid."
Sources:
Emergency meeting on Lehman rescue resumes
2 comments:
It's interesting watching them feed on each other now.
The current feeding frenzy is leading to greater consolidation. We need to limit the size of the "too-big-to-let-fail" corporations, OR partially nationalize the really big ones with far more transparency and profit sharing by the tax payer. Make them work for us instead of an elite minority.
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