Wall Street's bad dream

[Crewleader]

The financial crisis
Wall Street's bad dream

Sep 18th 2008 | NEW YORK
From The Economist print edition



A nightmare that seems like it will never end



THE carnage of the past fortnight may have an unreal air to it, but the damage is all too tangible—whether the seizure of Fannie Mae and Freddie Mac by their regulator, the record-breaking bankruptcy of Lehman Brothers (and the sale of its capital-markets arm to Barclays), Merrill Lynch’s shotgun marriage to Bank of America or, most shocking of all, the government takeover of a desperately illiquid American International Group (AIG).

Contagion has spread far and wide, on Thursday September 18th central banks launched a co-ordinated attempt to pump $180 billion of short-term liquidity into the markets. HBOS, Britain’s biggest mortgage lender, also sold itself to Lloyds TSB, one of the grandfathers of British banking, for £12.2 billion ($21.9 billion) after its share price plunged. The government was so anxious to broker a deal that it was expected to waive a competition inquiry.

http://www.economist.com/finance/displayStory.cfm?story_id=12270509&source=features_box1&

[opihimoimoi]

1. K&R.....Hey There Crew:::::Aloha......

Greed surfaces in this recent/current mix of Financial Upheaval as the prime motivation....pushed to the limit till the Crash Level....the evidence is real and it is here...

The Deregulator Crowd went too far....the horror of all horrors came to Reality....Near Collapse of our Banking systems...almost an unintended consequence of the poor decisions to dereg.

They have found a way to rob us taxpayers and only now do we realize the value of unity in the quest for CHANGE...

IT TAKES UNITY

GOBAMA

[On the Road]

2. Leave it to the Economicst

for a short cogent account instead of hours of blathering on cable.