Sunday, September 14, 2008

Monday Will Be An Interesting Day

It looks as though Lehman cannot find a buyer unless we, the taxpayers, pony up money. Merrill is looking to be bought by Bank of America, AIG is trying to raise cash. These three firms have been pillars of our economy for most of the 20th century. Now the question is will they survive on their own beyond September. Lehman appears to be in the worst spot and may be in Chapter 7 when you read this.

I hope that Paulson holds to his claim that the government will not spend our money on Lehman. Life is tough. Businesses do die. We can't afford to save them all. We are paying the price for an unbridled 'free' market where greed has been king. Sooner or later reality intrudes. Maybe this will be the wakeup call this country needs.

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