As Lehman Brothers, Others Fold, What You Can Do
The financial sector continues to be buffeted. However you get your news -television, car radio, computer, newspaper - several stories seem to be standing out (besides the obvious and very real trauma suffered by those in Texas in the wake of a terribleDoes Black Monday Foretell Stock Market Crash?
Date: September 15, 2008The latest casualty? Lehman Brothers folded and Merrill Lynch is being bought by Bank of America, noted here in the New York Times: www.nytimes.com/2008/09/16/business/worldbusiness/16markets.html along with the fact that stocks took a rapid downward turn,fueling talk of a Black Monday.
Since Lehman Brothers has been around for so very long (158 years), the news of the firm's demise was a huge shock to many, particularly the info (which could change at any moment, though it doesn't seem likely) that there won't be a government rescue of the company, no last minute reprieve or intervention as there was with Fannie Mae and Freddie Mac.
Black Monday and stock market crash fears increase as Lehman Brothers goes under
When a company with the former prestige and history of Lehman Brothers goes belly up so soon after news of bank failures - plus rescues needed for Fannie Mae and Freddie Mac - the average person becomes even more concerned. I've been following the housing and financial markets closely and I'm definitely worried. Even worse, I see people around me going beyond concerned.
Some of those I know are panicking. Just this morning, someone called to say they'd dropped the price of a house by over $100,000 and....by the way, did we happen to know of any possible takers? Desperation is in the air. Desperation was in that person's voice.
Stock market crash and Black Monday fears - avoid panic
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