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Financial news I consider important, with my opinion, which is worth as much as you paid for it.
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Sunday, September 14, 2008

Major news on Lehman, AIG, Merrill, WaMu, and Fed

What a weekend, it's my 40th birthday and I was given an amazing amount of over-the-top news to save the financial markets. I am having a hard time grasping at this point how far the government will go, and when will it end.

Highlights of events:WOW, what an explosive weekend. Monday is anyones guess, 9/15/08 could be "Black Monday" when the market starts to crash. Or maybe the Lehman uncertainty is tempered with the "good news" Merrill Lynch is bought out, and the government now takes stock as collateral.

If the market is "smart" it will see taking stock as collateral by the Fed as pure desperation and not welcome it. On the other hand, now the government will have a vested interest in the market going up, so maybe they can change the rules, perhaps ban stocks lowering their price.

I dare not speculate what this week holds. If you want speculation, watch this video on today's events. But hang on, it will be a wild wild wild ride. Do NOT believe the bottom is in no matter what! All moves are desperation moves, not something to rejoice over.

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