Thursday, September 11, 2008

Lehman Crumbling

Down 44% pre-market, to about $4 a share. 158 years on Wall Street, dissolved in 2 years.

Check out the monthly, and this article from WSJ.



Also, "the Fly" has linked this guy a lot in the past, Denninger, but check out his post today about WaMu. These are scary times... to me, it feels like things are going to get a lot worse.

Here's a brief snippet, and Mr. Denninger, I couldn't agree more.

"Congratulations America; watching American Idol and now NFL Football instead of being responsible citizens and demanding that Congress do their damn job of oversight, instead screaming for bread and circuses means that you have screwed your children and grandchildren by ladling up even more debt on their shoulders - and lots of it."

5 comments:

Jorge said...

What would happen if the entire banking system collapsed? That scares the hell out of me. I don't think it's too far fetched at this point to see some sort of mini-meltdown. Gotta figure out a way to tax the middle class even more to help bail out the wealthy for their idiocy.

Dinosaur Trader said...

I don't know... I don't think anyone does because we've never seen anything like it.

In 1907 we had that little panic, but there was still enough faith in the big institutions that a bail out was possible.

This is no longer just a credit crisis, but a crisis of confidence, in our leadership. I'll say it again... DON'T vote the Republicans back in. And if you don't like the Dems (because yes, they're guilty too) then vote for a third party.

We need new leadership. Everywhere.

-DT

bloggerdotcom said...

Plus, AIG in the 15's.....

Why is gold only at 740?

Why wasn't Ron Paul embraced?

Dinosaur Trader said...

BDC,

Indeed.... also, with AIG down so much, how is the Dow not down more?

AIG 14....

It feels like this market is just holding on by a thread.

-DT

Danny said...

you know what pisses me the fuck off about Denninger is that he preaches as if I did this proactively. I'm 2-goddamn-3. All that this means for me is that my shitloads will be worth less. Great. I didn't take on any debt. I have no debt.

Except a few g's to the bloods.

Anyway, he is speaking to your demo DT. He is just as "complicit" as "you" are in his accusations.

Having a soapbox doesn't equal doing something. I'm surprised a liberal hippie like yourself lets himself get "scolded" about what he could have done to prevent this from some combover like Den.

Although I "agree" with his premise.

Wait, what am I doing posting here? nm.