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Making Sense of Personal Finance as Meltdown Continues

September 14, 2008

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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.

Carnivals

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{ 1 comment… read it below or add one }

Philip 09.17.08 at 9:52 am

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.

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