Lots of bad news today, In the stock market the bank Lehman Brothers went bankrupt. Thinking they would get the same government bail out as Fannie mae and freddie mack, the Bank was left to sink after the government denied them the billions they needed to stay in buisness. After this loss the dow jones went down a record 500 points.
In the South, hurricane IKE has left millions without power, has damaged oil supply lines raising the price of gas, (especially in Georgia it went up 2.00 in about 4 hours!) and authorities are still assessing the full damage done by the storm.
But, some good things happned today, Palin has thrusted Mccain ahead of Obama despite the financial difficulties. Which makes this day 21 of Obama's regret of not picking Hillary as his running mate.
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2 comments:
oh i think it all worked out for the best as well, but i think especially during this election we should be careful to not jump on the media bandwagon!!
Well here is my thinking. When it gets to a certain point where our government can't borrow anymore $$$-Benjamins-who bails out our government? Would it better then for companies to be punished for mistakes and allowed to collapse, or should our citizens be punished for the existence of their physical location and allow the government to collapse. Either way these companies are still going to go down. How many will they take with them?
Also, let's ask ourselves why we are surprised that bankers did this. They are greedy. Even the CEO of Bank of America, Ken Lewis, admitted this is why it happened, and across the board. Why then in America do we setup a chain system that goes Fed->Banks->People?
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