Just a quickie for tonight. Lehman Bros now bankrupt…Merrill Lynch is no more, absorbed into Bank of America…AIG (insurance) seeks a $40 billion loan from the FED to survive…Dow Futures are plummeting – currently predicting that the Dow will open 360 points down.
Banks are bracing for the short sellers to come in, especially the hedge funds…Run on banks may materialize before the election…Dollar sinking against euro…Wall Street and the FED working overnight to avoid collapse…FED and banks making $70 billion available to prop up market…Asian markets closed for holiday (a good thing)…gas going at $5.00 a gallon in some states.
Last weekend Fannie and Freddie died. Now we die.