time to party like it's 1929

[erf_]

I didn't feel comfortable talking about this at work, due to the non-disclosure clause in my contract, but hell, this is very public news by now. Guess what day it is today?

Yes, that's right! It's BLACK MONDAY!

Five hundred points. The Dow dropped five hundred points. In one day. You aren't supposed to ever see numbers like that on the stock

Comments

[aesvir]

Yes, you're right--it's Merrill Lynch that's been bought out. And eventually, once this mortgage mess is cleaned up, BoA will probably have made a good deal.

AIG can definitely turn into a black hole. Word is that the New York state government and such are trying to open up new lines of cash for it. It looks like we'll soon see whether AIG falls into the "too big to fail" category (like Bear Stearns) or the "example to the masses" category (Lehman). Lehman wasn't hoping for a straightforward government bailout--rather, its potential buyers had wanted the government to guarantee their investment. Which would have put the taxpayers on the hook for any eventual losses. I wish I knew more, but I am only two weeks into Bankruptcy. (And I suppose this is a great time to learn about bankruptcy law.) Too bad we don't get to Chapter 11 filings until next week.*

If Joe America is worried about his 401k, wait till Jill Civil Servant learns that her public pension has been underfunded (and that the municipal government can go ahead and declare bankruptcy) and Greg Grandpa loses Social Security and Medicare. *wince*

*One good thing about being a lawyer: even when it comes to bankruptcy, the lawyer always makes sure he gets paid first. I sometimes hate my chosen profession. o_0