Nobody is talking about what happened on Wall Street

Merill Lynch sold it's company on Sunday to Bank of America for $50 billion, and Lehman Brothers Holdings Inc., the country's fourth-largest investment firm, filed for bankruptcy protection on Monday.

http://news.yahoo.com/s/ap/20080915/ap_on_bi_st_ma_re/wall_street

The news is likely to prompt fed interest rate cuts.

http://news.yahoo.com/s/ap/20080915/ap_on_bi_ge/fed_interest_rates

One of the biggest banks in the world just got a lot bigger.

its a fustercluck of epic proportions.... seriously. greenspan called it like a once a century crisis.. time to get in a breadline.

It appears to be the beginnings of a huge economic slump. But I'd say in 5 years we'll all be out of it. It really isn't that long a time if you think about it. Samwel_X

Where do you come up with a # like 5 years? For all we know things could get worse, but I guess a little optimism can't hurt.

Merill Lynch sold it's company on Sunday to Bank of America for $50 billion, and Lehman Brothers Holdings Inc., the country's fourth-largest investment firm, filed for bankruptcy protection on Monday.

http://news.yahoo.com/s/ap/20080915/ap_on_bi_st_ma_re/wall_street

The news is likely to prompt fed interest rate cuts.

http://news.yahoo.com/s/ap/20080915/ap_on_bi_ge/fed_interest_rates

One of the biggest banks in the world just got a lot bigger.

Palax

off topic: ur sig is awsomely funny

on topic: i don't rly care about this issue

[QUOTE="Samwel_X"]It appears to be the beginnings of a huge economic slump. But I'd say in 5 years we'll all be out of it. It really isn't that long a time if you think about it. Palax

Where do you come up with a # like 5 years? For all we know things could get worse, but I guess a little optimism can't hurt.

depends on who you ask.. some say ~2-3 years, others longer.. others less. no one really knows for sure..

Where do you come up with a # like 5 years? For all we know things could get worse, but I guess a little optimism can't hurt.

Palax

5 years seems about right, I don't imagine it being worse than the great depression... the UK has been in an economic slump since the collapse of a building society/bank thing last year. It is getting worse, but analysts suggest it will all be solved in 3 or 4 years... So I'd say the same for the US.

invest in gold. I guess.laughingman42

Nooooooooo, it's losing value fast.

We went through something like this in the 80s with the S&L crisis. Lots of banks went under.
Well I *hope* we aren't going through anything worse than we did in the 80s...

If big insurance firms like AIG go under, then run for the hills.Darthmatt

Funny. They just said on the news that AIG was the next to go.

[QUOTE="Palax"]

Where do you come up with a # like 5 years? For all we know things could get worse, but I guess a little optimism can't hurt.

Samwel_X

5 years seems about right, I don't imagine it being worse than the great depression... the UK has been in an economic slump since the collapse of a building society/bank thing last year. It is getting worse, but analysts suggest it will all be solved in 3 or 4 years... So I'd say the same for the US.

Coincidentally enough it was the great depression that helped launch Bank of America into corporation super-stardom.

[QUOTE="Darthmatt"]If big insurance firms like AIG go under, then run for the hills.Guiltfeeder566

Funny. They just said on the news that AIG was the next to go.

They're restructuring, hopefully that'll save them.

[QUOTE="Samwel_X"]It appears to be the beginnings of a huge economic slump. But I'd say in 5 years we'll all be out of it. It really isn't that long a time if you think about it. Palax

Where do you come up with a # like 5 years? For all we know things could get worse, but I guess a little optimism can't hurt.

No if anything in a recession as time goes on it can only get better. I think where we screwed up big time is allowing the similus checks go out to everyone because if we were just in the beginning of the recession and not towards the middle or the end of it, we are going to be in big trouble in the long run.

[QUOTE="Palax"]

Where do you come up with a # like 5 years? For all we know things could get worse, but I guess a little optimism can't hurt.

Samwel_X

5 years seems about right, I don't imagine it being worse than the great depression... the UK has been in an economic slump since the collapse of a building society/bank thing last year. It is getting worse, but analysts suggest it will all be solved in 3 or 4 years... So I'd say the same for the US.

There goes my backup plan of fleeing to Europe!

[QUOTE="Darthmatt"]If big insurance firms like AIG go under, then run for the hills.Guiltfeeder566

Funny. They just said on the news that AIG was the next to go.

[QUOTE="laughingman42"]invest in gold. I guess.cametall

Nooooooooo, it's losing value fast.

We went through something like this in the 80s with the S&L crisis. Lots of banks went under.
Well I *hope* we aren't going through anything worse than we did in the 80s...

is it really? well ignore my statement then.

Well a bad economy sucks pretty bad for me, because right now I work as a server at a restauraunt. When the economy is bad, business is bad. Not only is business bad, but so are the tips.

What makes it so sad is that things today are more expensive than they were years ago, but yet I'm making less money.

Which reminds me I have to leave for work now, maybe if I'm lucky I can make $30 tonight.

Thankfully I don't have any stocks at the moment. All of my roommate's stocks went down by at least 5.5%. Not a good day for our economy indeed.Yagr_Zero

I am scared to look at mine (its only a 401K but still I bet I just lost a grip of skrilla)

The Dow Jones closed 504 points in the red :cry:

It'll rebound....LJS9502_basic

of course. the only question is timeframe.

some folks will jump out of buildings...

damn uber fail for ppl investing there

Right, i'm off to sell all my stocks .... or is that socks?FilthyWork

Your stocks are probably only worth socks at this point anyway.

So why did this happen? :( Should I be worrying?helium_flash

basically banks got greedy. made a lot of bad investments on real estate that they figured would only every increase in value. it didn't. they got screwed. some went bankrupt, some got bought out, others taxpayers will bail out.

It appears to be the beginnings of a huge economic slump. But I'd say in 5 years we'll all be out of it. It really isn't that long a time if you think about it. Samwel_X

But McCain says the fundamentals are "sound". LegendaryFox77

Its not going to be a new depression but yeah we have it light compared to some countries *cough* zimbabwae(sp?)MrKittyCat1234

America's economy is in serious problems

[QUOTE="MrKittyCat1234"]Its not going to be a new depression but yeah we have it light compared to some countries *cough* zimbabwae(sp?)Big_player