At least that is what the headlines in some of the papers including the one below are saying.
I have wondered in the past few months how long the big banks and investment firms could go on like nothing has happened....with the housing crisis and the other things that have been going on and yet our president keeps saying we are NOT in a recession.
I have wondered in the past few months how long the big banks and investment firms could go on like nothing has happened....with the housing crisis and the other things that have been going on and yet our president keeps saying we are NOT in a recession.
The article goes on to say that almost $700 Billion dollars has evaporated from retirement plans and other plans.....time for me to look at my 401K (or maybe I should not look at it right now for fear of crying...)
Another part of the article talks about all the people at Lehman who are loosing their jobs that probably they were overpaid for in the first place, mentioning even that there were gawkers standing on the sidewalks outside the building in NYC taking photos with their cell phones of workers carting out personal momentoes in gym bags ect.....I had to laugh at that one!!!
Well if this is not part of being in a recession, I guess I did not listen very well when I was sitting in my high school economics class......
NEW YORK (AP) -- The upheaval in the American financial system sent shock waves through the stock market Monday, producing the worst day on Wall Street in seven years as investors digested the failure of one of its most venerable banks and wondered which domino would be next to fall......
Obama called it "the most serious financial crisis since the Great Depression." McCain declared in a new TV ad that "our economy is in crisis" and that only he and his running mate, Alaska Gov. Sarah Palin, could fix it. McCain also told voters in Jacksonville, Fla., "The fundamentals of our economy are strong."
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