Wall Street scrambles as Lehman files...

Wall Street scrambles as Lehman files for Ch. 11, Merrill falters

There are 11 comments on the www.msnbc.msn.com story from Sep 15, 2008, titled Wall Street scrambles as Lehman files for Ch. 11, Merrill falters. In it, www.msnbc.msn.com reports that:

When Wall Street woke up Monday morning, two more of its storied firms had vanished.

Lehman Brothers, burdened by $60 billion in soured real-estate holdings, filed for Chapter 11 bankruptcy after attempts to rescue the 158-year-old firm failed.

Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in an $50 billion all-stock transaction.

Join the discussion below, or Read more at www.msnbc.msn.com.

Since: Jan 07

Location hidden

#1 Sep 15, 2008
wasn't is just recently that bush coughed at the term, "recession"?

Hell, we are close to falling into a depression...

thanks there, George and your greedy GOP corrupt cronies!

“a'Round We Go”

Since: Apr 08

AOL

#2 Sep 15, 2008
I will tell you how this all started. It started with real estate 'flippers'. 'Flippers' are people who buy real estate and then sell it for an inflated price. The same house may go through several flippers before someone actually lives in the house. At this point the home is over valued and heavily mortgaged. Now we have companies mortgaging homes that the purchaser can barely or not afford at all. On top of this there are 'vampire' morgage companies who use variable interest rate on borrowers who already are paying to much for a home and are stretched thin. One month the borrowers autmobile breaks down and they need to make repairs on the auto. This is money the family doesn't have to spend but they have to have transportation to keep their job. Now they are short a couple months mortgage payements and the variable rate kicks in. Now the mortgage payment goes over the money coming in. The downward spiral continues until the home is forclosed on. All good vampires know not to suck the last drop of blood. Apparently these vampires forgot a basic rule and killed themselves.

“Gun toting liberal”

Since: Nov 07

Wilmington

#3 Sep 15, 2008
Sence - I thought you were going to blame this whole fiasco on the borrowers, but then you came out the other side and surprised me. Flippers were indeed taking risks and probably deserve any losses they incurred. People who were buying their primary residences were often encouraged to get in over their heads by the originating banks. These banks had lost all desire to protect their interests by deregulation, which allowed them to simply sell all of their mortgages, regardless of quality, to Freddy and Fanny for a good price.

Now we have the financial sector in a meltdown, and millions losing their homes, or at least in foreclosure. I fear we are looking into the maw of the next great depression.
HILLARY Clinton

El Paso, TX

#4 Sep 15, 2008
HUSSEIN is down in the polls and all of the media is in a frenzy to bash Palin in an effort to elevate Husseinís ratings.

Ainít gonna work though, ANNOY the Media, donít vote for HUSSEIN Empty Ė Suit !!

He canít Seal the Deal, he is not electable in Nov.

Hillary 2012 !
notjustaprettyfa ce France

France

#5 Sep 15, 2008
USA ... Exit Stage Right
Bob

Cambridge, OH

#6 Sep 15, 2008
I just love hearing about rich snobs who inherited their money and never put in a day's work in their privileged little lives lose all of their money.
I love it.
Welcome to the real world, jerk offs. Now go find a job. I'm sure the local Walmart is looking for some help.
HaHaHaHaHaHaHaHa!!!!!!!
LocalBoy

United States

#7 Sep 15, 2008
Kimbefly wrote:
Sence - I thought you were going to blame this whole fiasco on the borrowers, but then you came out the other side and surprised me. Flippers were indeed taking risks and probably deserve any losses they incurred. People who were buying their primary residences were often encouraged to get in over their heads by the originating banks. These banks had lost all desire to protect their interests by deregulation, which allowed them to simply sell all of their mortgages, regardless of quality, to Freddy and Fanny for a good price.
Now we have the financial sector in a meltdown, and millions losing their homes, or at least in foreclosure. I fear we are looking into the maw of the next great depression.
Look its the federal reserve who pumped this liquidity into the market to prop a failing economy destroyed by war and deficit spending.
Its both the Democrats and Republicans. THe federal government is too big, too intrusive and they borrow too much money. Then they monetize the debt and pump more currency into this poor economy.
We have no factories and exports, other than dollars.
THe federal reserve is a privately owned bank, its not a government agency. The people and congress has no control or authority over the private owners of the fed. THe banking cartel did create this, in 1913.

THe federal government is way outside its constitutional boundries and the people dont seem to care.

You'all need to read your constitution.
Only congress can control currency and must be gold or silver.

THe owners of the fed is the same people we fought to gain our independence from, old European aristocracy.
Tory One

Decatur, GA

#9 Sep 15, 2008
LocalBoy wrote The owners of the fed is the same people we fought to gain our independence from, old European aristocracy.

I tell people that all the time but they refuse to believe me .......... good on you!!!!!!!!!!
Antonio D

United States

#10 Sep 15, 2008
Correct me if I'm wrong, but the next big financial firm to fail is going to be Goldman Sachs. They were the primary investor for New Century which was only the second largest subprime lender in the nation. When New Century went under, Goldman was forced to service their loans through Avelo. And stranger still, at the end of 2007, Goldman bought Litton Loan Servicing, one of the biggest servicers of subprime loans. Could it be that Goldman is transfering all of their defaulting loans from Avelo to Litton to try to make their balance sheets look good. Should we be shorting GS???
Crissy

London, UK

#11 Mar 26, 2014
This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/1ubQoG ) too my friends and family.

Since: Jul 11

Location hidden

#12 Jul 11, 2014
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