To call the current bailouts, the bankruptcy of Lehman Brothers, the purchase of Merrill Lynch by Bank of America, and the lifeline thrown to AIG an adjustment "in our financial markets" seems rather akin to the Black Knight in "Monty Python and the Holy Grail" referring to his injuries as "just a flesh wound." In response, the market proceeded to eat itself, losing 500 points in trading Monday. And while Team Bush opted not to bail out Lehman Brothers, U.S. Treasury Secretary Henry Paulson has not ruled out possible future bailouts. Which of course begs the questions "How many more of these will we have to bailout? And who is next?"
Monday, September 15, 2008
It was a financial market adjustment
To call the current bailouts, the bankruptcy of Lehman Brothers, the purchase of Merrill Lynch by Bank of America, and the lifeline thrown to AIG an adjustment "in our financial markets" seems rather akin to the Black Knight in "Monty Python and the Holy Grail" referring to his injuries as "just a flesh wound." In response, the market proceeded to eat itself, losing 500 points in trading Monday. And while Team Bush opted not to bail out Lehman Brothers, U.S. Treasury Secretary Henry Paulson has not ruled out possible future bailouts. Which of course begs the questions "How many more of these will we have to bailout? And who is next?"
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