Lehman files bankruptcy, Merrill Lync...

Lehman files bankruptcy, Merrill Lynch sold

There are 48 comments on the Connecticut Post story from Sep 15, 2008, titled Lehman files bankruptcy, Merrill Lynch sold. In it, Connecticut Post reports that:

A failed plan to rescue Lehman Brothers was followed Sunday by more seismic shocks from Wall Street, including an apparent government-brokered takeover of Merrill Lynch by the Bank of America.

Join the discussion below, or Read more at Connecticut Post.

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Asbestos Head

Elmhurst, IL

#1 Sep 15, 2008
When you see all these analysts, the ones that were telling everyone to buy Yahoo at $400 a share start jumping out the windows, it may be a good time to buy.
John C

AOL

#2 Sep 15, 2008
The music has stopped and the game of financial musical chairs has come to an end. The difference in this game however is that the number of missing chairs will keep getting bigger, until there will be twice as many people as there are chairs.

However, it is also the kind of economic jolt that progressive thinkers have been waiting for - the kind that inspires fundamental change to take place.
Lets Be Real

United States

#3 Sep 15, 2008
This is a great day for the American and world financial markets. The American people do not realize that the American and world economies are controlled by four (well now two) conglomerates. They soley determine the direction and value of the market based upon their selfish and greedy needs. It has now caught up to them and they are each paying the ultimate price of greed.

do not feel bad for these workers nor the executives. They have lived the high life off the labors of the American middleclass. They have created this financial mess for themselves and now they want you to feel bad for them. NOT!

The markets will crash, but that is not so bad. History repeats itself and if we look at the 1929 crash, the economy fixed itself and this country experienced its biggest growth. Fear not average middleclass American, you will survive this and only come out stronger.
John C

AOL

#4 Sep 15, 2008
I hope that these grim economic warnings will make people realize that we really can't go on allowing these greed driven momey manipulators (who produce nothing) to do whatever they damn please with our money system.
tdowen

Philadelphia, PA

#5 Sep 15, 2008
John C wrote:
I hope that these grim economic warnings will make people realize that we really can't go on allowing these greed driven momey manipulators (who produce nothing) to do whatever they damn please with our money system.
John, on both this subject and your Statement.
I can say that I completely agree.
Central Banker

United States

#6 Sep 15, 2008
This is just the tip of the iceberg. These two won't be the last. Then the big consumer banks will start going in larger numbers, then the smaller regional banks that are over-extended will start dropping.

In the end, the central bankers will swoop in and buy up the assets for pennies on the dollar the same way they did in the 1930's. It's just manipulation of the money supply in order to transfer wealth from the plebs to the central bankers.
Asbestos Head

Elmhurst, IL

#7 Sep 15, 2008
John C wrote:
I hope that these grim economic warnings will make people realize that we really can't go on allowing these greed driven momey manipulators (who produce nothing) to do whatever they damn please with our money system.
These money manipulators will make a good sidewalk pizza.
Be Prepared

United States

#8 Sep 15, 2008
Start taking your money out of your accounts in the bank and put it somewhere you can get to it as cash.

There will be a run on the banks and they won't and don't have that amount of cash and will lock the doors.

Don't rely on the FDIC either, they may get you your money, but they have an unlimited amount of time to process the claim. Hint hint....years!

Your money is safer as accesible cash in your possession than in a bank. Its not like the banks are paying any worthwhile interest (.18 to 2.2) and their fees wipe out that gain anyway.
Lets Be Real

United States

#9 Sep 15, 2008
You said it "Be Prepared". The signs are on the wall. Todays press may be the cause of a lot of the panic that is created in todays world so they can sell their product, but they are also making people more aware so they can be prepared. Although some of this hipe is manufactured by the press, people can't say they didn't know. They just have to sift through the BS they spew to get to the truth.
John C

AOL

#10 Sep 15, 2008
Lets Be Real wrote:
This is a great day for the American and world financial markets. The American people do not realize that the American and world economies are controlled by four (well now two) conglomerates. They soley determine the direction and value of the market based upon their selfish and greedy needs. It has now caught up to them and they are each paying the ultimate price of greed.
do not feel bad for these workers nor the executives. They have lived the high life off the labors of the American middleclass. They have created this financial mess for themselves and now they want you to feel bad for them. NOT!
The markets will crash, but that is not so bad. History repeats itself and if we look at the 1929 crash, the economy fixed itself and this country experienced its biggest growth. Fear not average middleclass American, you will survive this and only come out stronger.
"It has now caught up to them and they are each paying the ultimate price of greed."

<< Yes, they will pay a price, but just remember, it is our invested money they have used and lost.>>
John C

AOL

#11 Sep 15, 2008
Central Banker wrote:
This is just the tip of the iceberg. These two won't be the last. Then the big consumer banks will start going in larger numbers, then the smaller regional banks that are over-extended will start dropping.
In the end, the central bankers will swoop in and buy up the assets for pennies on the dollar the same way they did in the 1930's. It's just manipulation of the money supply in order to transfer wealth from the plebs to the central bankers.
Just remember though that it is only a central bank that has the ability to restore the system. What is needed however is ONE central bank, owned and controlled by the Federal government (which the Fed is not). Only a government owned and operated central bank has a chance to keep the crooked money manipulators under control.
Asbestos Head

Elmhurst, IL

#12 Sep 15, 2008
John C wrote:
<quoted text>
Just remember though that it is only a central bank that has the ability to restore the system. What is needed however is ONE central bank, owned and controlled by the Federal government (which the Fed is not). Only a government owned and operated central bank has a chance to keep the crooked money manipulators under control.
Time to get a shovel and dig up Andrew Jackson.
Go pats

United States

#13 Sep 15, 2008
Patriots WIN!!!
Lets Be Real

United States

#14 Sep 15, 2008
I agree with "John C" about the crooked money manipulators, except I would not give it to the government. Look how crooked they are snd the scandals that have come to light. They are all one in the same anyway.

We need to put the control back into the old fashioned community oriented banks that have bee all but eliminated. This country needs to go back to its roots with the mom and pop business philosophy. It must work because that what this country was built upon; its obvious the big box philosophy is a failure.
Delta one

Stamford, CT

#15 Sep 15, 2008
Be Prepared wrote:
Start taking your money out of your accounts in the bank and put it somewhere you can get to it as cash.
There will be a run on the banks and they won't and don't have that amount of cash and will lock the doors.
Don't rely on the FDIC either, they may get you your money, but they have an unlimited amount of time to process the claim. Hint hint....years!
Your money is safer as accesible cash in your possession than in a bank. Its not like the banks are paying any worthwhile interest (.18 to 2.2) and their fees wipe out that gain anyway.
now is the worst time to do that, and this is simply wrong advice.
NO More IB Scholars

Singapore, Singapore

#16 Sep 15, 2008
Ha! Scholars! ThatÂ’s what you get for putting a bunch of book-only smart people together. This goes to show that such incestuous orgies of scholars will result in not only inbreeding, but also, produce the inability to develop natural street wisdom within such ecosystem; thereby the failure of these financial institutions are inevitable. In fact, the breakdown of the financial system will continue for many more years to come as those surviving investment banks and equity firms continue to hire scholars, which will again result in a continuation of hiring those that will cause more downward spirals towards eternal financial doom.
John C

AOL

#17 Sep 15, 2008
Be Prepared wrote:
Don't rely on the FDIC either, they may get you your money, but they have an unlimited amount of time to process the claim. Hint hint....years!
Your money is safer as accesible cash in your possession than in a bank. Its not like the banks are paying any worthwhile interest (.18 to 2.2) and their fees wipe out that gain anyway.
"Start taking your money out of your accounts in the bank and put it somewhere you can get to it as cash."
<< But where? >>

"There will be a run on the banks and they won't and don't have that amount of cash and will lock the doors."
<< The problem is not "cash". In fact, if you remember, the "money" you put in the bank was not cash. It was a check that said "pay to the order of". And all the bank owes you is a bank statement that says that they owe you that amount -(and they happily send that to you every month). And all the bank holds are documents that say that other people owe the bank money, and it goes on and on. Before you can draw any conclusions about "money", you need to understand what money really is. And very few people understand anything about money, other than it's needed to buy anything. In fact the most prevalent form of money today is not "cash" - it's the "credit card" - and don't count on that for much longer.
John C

AOL

#18 Sep 15, 2008
Asbestos Head wrote:
<quoted text>
Time to get a shovel and dig up Andrew Jackson.
You are indeed an Asbestos Head, and I will leave it at that.
John C

AOL

#19 Sep 15, 2008
Lets Be Real wrote:
It must work because that what this country was built upon; its obvious the big box philosophy is a failure.
"I agree with "John C" about the crooked money manipulators, except I would not give it to the government. Look how crooked they are snd the scandals that have come to light. They are all one in the same anyway."

<< Just tell me how a government "owned and operated" bank can be "crooked" when every dime it makes accrues to the government (tax payer)- not to anyone's bank account, and where every compensation package must be approved by Congress? >>

"We need to put the control back into the old fashioned community oriented banks that have bee all but eliminated. This country needs to go back to its roots with the mom and pop business philosophy."

<< You need to read a little history of American banking from 1789 until 1913 (when the Federal Reserve System was adopted). You would not make that statement, knowing that history.>>
John C

AOL

#20 Sep 15, 2008
Delta one wrote:
<quoted text>
now is the worst time to do that, and this is simply wrong advice.
Yes - it was very bad advice !!!!

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