The Plot Thickens
All eyes have shifted to the unfolding turmoil on Wall Street. Among the newest storylines: mortgage-related losses forced mainstay Lehman Brothers to file for Chapter 11 bankruptcy, Bank of America acquired Merrill Lynch and the Federal Reserve's acquired a majority stake in insurance giant AIG. Check out these articles (here [subscription req'd], here and here) for some background on each of these stories. Clearly, the reverberations from the housing market's collapse have been felt far and wide, with the outcome of this past week's events representing just the latest chapter in the financial market crisis. What impact these events will have on the economy or whether they signal the fallout from the credit crisis has peaked remains to be seen, but the situation must be closely watched as the repercussions are not yet known.
09-16-2008 9:57 AM