Last week there were some unexpected events in the stock market landscape. I am witness to one of the biggest kind of collapse of financial companies in US, something which is said can happen only once a century..definitely triggered the blogging side of my life which was dry for long.
It started on Monday when Lehman Brothers, one of the big companies on Wall St decided to file for bankruptcy. Well, that was just a drop in the ocean, other banks soon followed suit. AIG was on the verge of doing the same when the Federal govt decided it needed to rescue AIG. Had it not been so, we could have seen numbers as high as $1 trillion in debt. Next, Merill Lynch said it was out of the game too and BoA, my bank around the corner decided to swallow it saying "opportunity that cannot be missed".
Uncle Sam was watching fun from White House and then decided that to prevent his approval ratings from dipping further and help the "taxpayers", govt had to do something. Thus the entry of the SEC which has promised to pump-in $700bn to rescue Wall Street. This news set the stock market soaring 300 pts.
And while all this is happening, Obama and McCain, the presidential candidates are doing blame game to garner votes. While me, I am watching on sidelines looking at my stocks go south day after day. Just happy enough to not have invested in Lehmann.
After all they say Goldman is the gold standard, then why settle for silver?
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