Remember the Reagan 1984 campaign ad (below) that helped get him re-elected (without, as an aside, calling Walter Mondale unpatriotic, but I digress)? Now there's a bear in the woods -- and its name is Lehman Brothers. While we've all been focused on Hurricane Ike and Tina Fey, etc., this weekend, looks like the real Category 5 storm is on Wall Street this week. Hang onto your hats.
Posted by Will Bunch @ 8:03 PM
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8 comments
LEH going into bankruptcy is bad. Bank of America buying Merrill Lynch at least means that we won't be watching this same thing with MER next weekend. Hopefully Citi can hold up. This does not bode well, and it transcends politics. Forget whether Obama or McCain have a plan here, the people who actually understand this stuff (those who work on the Street) have been heretofore unable to prevent this. Going to be an ugly week in the markets.
The ongoing Wall Street disaster & the failure of Freddie Mac & Fannie Mae is largely the fault of the Republicans and ... I know you refuse to believe this, Will, but the Democrats as well. Both parties, not just one. That's a fact.
Of course, you will never admit that any Democrat might possibly be responsible in any way. And, I suppose all of that hugh money being bundled & raised on Wall Street for Lord Obama is from the newspaper stands and food vendors, not the greedy rich folks.
The Republicans were the original deregulators (especially Phil Gramm for the banks) but the Clinton gang did do a bit of deregulation also. I have yet to find an instance of when deregulation has helped the situation, no matter what the corporate line is on that. Think of airlines, utilities, workplace rules, airways, and of course banks.
Gotta say, Dems got 57% of the contributions from Fannie and Freddie employees - 2.7 mil to 2.0 mil from the Repubs. Of course, Repubs have had the majority of the financial sector contributions over the years, so in general the blame for dergulation goes to the Repubs. But the Dems are dirty too.
Deregulation certainly didn't help, but this is just horrifically run business.
"I suppose all of that hugh money being bundled & raised on Wall Street for Lord Obama is from the newspaper stands and food vendors, not the greedy rich folks." . . . . LOL, we socialists are laughing all the way to the bank. I just love fair-weather free market conservatives.
Every game needs a referee. Not necessarily a million rules, but a referee nonetheless. A lot of people blamed the meltdown on the homeowners who signed on the dotted line, but for every borrower, there is a lender.
Problem is,t he lenders didn't care, because they were bundling CDOs and selling 'em to investors.
8 comments
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Will Bunch, a senior writer at the Philadelphia Daily News, blogs about his obsessions, including national and local politics and world affairs, the media, pop music, the Philadelphia Phillies, soccer and other sports, not necessarily in that order.
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