Posted by
Casper on Monday, September 15, 2008 12:00:00 AM
They are calling it "Black Sunday" the day when Merrill Lynch is bought out by Bank of America for $50 billion (1/2 what it was worth last year) and Lehman Brothers files Chapter 11. This time the government refused to bail out the two companies as they did with Fannie Mae and Freddie Mac last week and Bear Stearn only a few months ago. Finally it would seem that the Federal Government is willing to let the free market make its own corrections.
Good for them! Finally glad you made it to the party along with the rest of us.
Obama claims that this is part of the failed policies of the past. Anyone else as tired of hearing that as I am?
The financial crisis in this country has nothign to do with the government. Sure the government has a role but these companies are failing because of bad loans and poor real estate investments.
America will feel the sting of these losses but as always this great country will arise and stand stronger than we were before if we allow the free market to correct itself and learn from its mistakes.