Tuesday, September 16, 2008

Scarey Days

Looks like Wall Street folks are beginning to experience some of Main Streets pain as they pack the contents of their desks into boxes and head out the door for the last time. I've always been suspicious of the greed on Wall Street, but now I'm hopping mad these guys have the keys of our economy in their hands.

Too many dodgy investments have been dreamed up by these so-called top-tier College financial analysts who 'earn' huge bonuses for creating them and getting the representatives of pension funds and Main Street commercial banks to persuade their clients (ergo 'us') to buy them. Even worse the CEOs' of these investment banks DO NOT understand the full extent of the risks their subordinates are exposing their institutions to, and the government's failed to ensure adequate control and regulation. And McCain and Palin are campaigning for even less regulation.

Are the chickens coming home to roost: First Fannie Mae and Freddie Mac being put under conservatorship (read Bankruptcy protection). Now Lehman Bros and Merrill Lynch--though technically the latter's a stay of execution; next AIG; after that WaMu? What's coming down the pipeline? What are we not being told? Are we heading toward another Great Depression? Huge financial institutions are failing and the public seems indifferent. Or are we going to wake up one morning to a massive run on the commercial banks?

Who needs to go to the movies and watch a horror movie to be scared?

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