Economic Cloverfield continues to unfold on Wall Street. The monster, having ravaged Fannie Mae and Freddie Mac along with Bear Stearns has now claimed Lehman Brothers, which filed for bankruptcy. Merrill Lynch has agreed to be sold to Bank of America. AIG could be next, with it's stock tumbling 52 percent. In morning trading the stock markets tanked. The Dow was down 300 points, Nasdaq was down 42 and the S&P 500 tumbled 32 points. The damage is wide spread with stock markets plunging in Paris, Asia and the UK. Only the NIkkei index in Tokyo was up. The European banks attempted to calm things by pumping up the money market. The Euro shot up to $1.4479. The dollar dropped against the Japanese yen. So now, as the monster comes home to roost on Wall Street, the question on everyone's mind is when will this end.
Monday, September 15, 2008
Just another manic Monday
Economic Cloverfield continues to unfold on Wall Street. The monster, having ravaged Fannie Mae and Freddie Mac along with Bear Stearns has now claimed Lehman Brothers, which filed for bankruptcy. Merrill Lynch has agreed to be sold to Bank of America. AIG could be next, with it's stock tumbling 52 percent. In morning trading the stock markets tanked. The Dow was down 300 points, Nasdaq was down 42 and the S&P 500 tumbled 32 points. The damage is wide spread with stock markets plunging in Paris, Asia and the UK. Only the NIkkei index in Tokyo was up. The European banks attempted to calm things by pumping up the money market. The Euro shot up to $1.4479. The dollar dropped against the Japanese yen. So now, as the monster comes home to roost on Wall Street, the question on everyone's mind is when will this end.
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