Wednesday, September 17, 2008

Not a Good Day for Wall Street

The financial industry meltdown is happening so fast now that events are beginning to blur together. Was it only this Monday that Lehman Brothers declared bankruptcy and sent the market into its biggest drop since the days immediately after the 9/11 attacks? Sure doesn't seem like it.

Yesterday the market rallied a bit on the reports that the Fed wouldn't allow AIG to go bankrupt, but then the bailout actually happened and today Wall Street tanked.

The Dow lost 450 points, and $700,000,000,000.00 worth of investments evaporated. Morgan Stanley lost 40%. Goldman Sachs lost 20%. Financials in general went down 10%. Washington Mutual put itself up for sale. Part of a Bank of America building in Manhattan broke off, fell 50 stories, and shattered on the street below (nobody was hurt).

But don't worry, the fundamentals of our economy remain strong. Either that, or we're all just a bunch of whiners.

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