The Eclectic One

…Because labels are a poor substitute for thinking

Bracing for a bad day on Wall Street

Posted by Bill Nance on September 15, 2008

Today’s news about the bankruptcy filing of Lehman Brothers and the purchase of Merill Lynch by Bank of America has me very nervous.

As of this writing (730 AM) the London FTSE exchange is already down 5.54% and the American stock market hasn’t even opened yet.

As I wrote last week, the government bailout of Fannie Mae and Freddie Mac was grim news. This looks to be quite a lot worse.

Here’s hoping the markets can hold it together.

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