The sky is falling… The sky is falling… I spent a few blissful days out at the beach this past weekend ignoring the news. I came home and got back online was greeted by the grim news of the latest shake up on Wall Street.
Lehman Brothers is filing for bankruptcy protection, Bank of America is buying out Merrill Lynch and in the latest tumble Sunday, insurance giant AIG is “seeking a $40 billion bridge loan Sunday night from the Federal Reserve.”
Our financial system is melting down faster than a blink of an eye and the Fed apparently has no qualms with risking taxpayers money to bail out the big corporate banks:
The Fed, meantime, broadened the terms of its emergency loan program for Wall Street banks, a move that could ultimately put taxpayers’ money at risk.
Though the government took control of the troubled mortgage finance companies Fannie Mae and Freddie Mac only a week ago, investors have become increasingly nervous about whether major financial institutions can recover from their losses.
How things play out could affect the broader economy, which has been weakening steadily as the financial crisis has deepened over the last year, with unemployment increasing as the nation’s growth rate has slowed.
As a small business owner, I’ve watched my sales slide downward for the past couple of years. I just can’t imagine that this bodes well at for any of us little people trying to survive in this piss poor economy.
Maybe the sky really isn’t falling but the economy is tumbling downward at steady pace and we can’t afford 4 more years of the same, with a McCain administration that will look like a redux of Bush[Co], giving to the rich while taking from the poor.
Once the Republicans finish bailing out the corporate giants, the average American can kiss goodbye any hope of help from government at the rate we’re going. I’d love to say wake me when this is over, but I have a feeling we’re all in for a rough ride as Wall Street falls apart at the seams and the fool in charge of country for the next few months continues to run rough shot over our economy.
I’m looking for a change come November and that change is only going to come by putting a Democrat in the White House. So get to work readers… We’ve got an election to win, because as I said above, we simply can’t afford more of the same.