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
It's interesting watching them feed on each other now.
ReplyDeleteThe 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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