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Today is supposed to be the day that the government and other firms figure out how to save Lehman Brothers from a total collapse. What’s different this time around is that according to this article over at Yahoo Finance, the fed is unwilling to use the taxpayer’s money in a bailout like in Bear Stern’s case. Instead, the fed is urging other investment banks to risk their money in helping Lehman Brothers clean up its balance sheet so a firm like Bank of America or Barclays could buy it.
We are truly living through an once in a time time financial crisis. I wonder how many financial firms will be left standing after all of this is said and done.
During these strange times, it is especially important to get our own finances together and make sure we can weather any economic downturn. You just never know what you will happen these days.
- My Two Dollars noticed that Washington Mutual’s Credit Rating has been cut to the junk status. The logical question to ask is - is it going under too? Actually, my friend asked me the same thing on Friday, and my advice to her is to start looking for another bank to do business with because there’s no need to put yourself at risk.
- Clever Dude asks another question - Do you think you are rich? The quick answer for me is no, although I’m plenty comfortable for most people’s standards.
- If The Digerati Life were to answer that question, she would probably say we will be happy if we are financially fit!
- Four Pillars tells us to buy in bulk! Yes, yes, and yes!
- Blunt Money talks about something many of us do, emotional spending!
- The world market has been tumbling and its finally hit Canada, Canadian Capitalist highlights that the Toronto Stock Exchange index has been down 12% in 6 days!
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{ 1 comment… read it below or add one }
I know all these wall street firms closing is horrible for the economy and horrible for the workers. But occaisionally I start thinking about the fact that so many of these employees were making HUGE amounts of money and living these elegant lifestyles without putting in the hard work that so many other people give. Do I really feel they deserve so much more than other educated fields? Not really.
I guess they are in a risky industry so they should have prepared for the possibilities. I know they will suffer for a while but they should have prepared.
I guess I just am at a loss for sympathy for these guys that were making $500,000+ a year for doing paperwork.