Well, where do we stand?
- Lehman Brothers has filed for Bankruptcy
- Merrill Lynch was saved (bought) by Bank of America before it went bankrupt
- Washington Mutual is on the verge of bankruptcy
- Wachovia is racing WaMu to try to beat them to bankruptcy
- AIG is begging the US Government to help save them
- Fannie and Freddie had to be saved by the US Treasury
- Bear Stearns had to be saved by the Fed and JP Morgan
And how do we fix it? I think Saturday Night Live finally found the solution. Fix the source of the problem. What is that source? Stop buying stuff you cannot afford, you say?
http://consumerist.com/consumer/clips/snl-skit-dont-buy-stuff-you-cant-afford-252491.php
It is amazing that the skit is aiming at individuals around America, but the banks made the exact same errors. Buying too much stuff and overextending their credit. They could not afford everything they bought.
No related posts.
“Merrill Lynch was saved (bought) by Bank of America before it went bankrupt.”
I’m interested in your thoughts on this decision. Possible entry on the way???
Hey Chris,
Not sure what you mean here. Entry for whom or what?
Sorry about the confusion. I meant do you have any plans to write a blog entry discussing BofA’s acquisition of Merrill.