Making ends meet – the paycheck to paycheck life of those who live on Main Street, USA – is also descriptive of what’s taking place on Wall Street today and described in this nowdy/sop tag team post.
Draw courage from the slabbed and their faith that things will be better even if never the same.
When Wall Street woke up Monday morning, two more of its storied firms had fallen.
Lehman Brothers, burdened by $60 billion in soured real-estate holdings, filed a Chapter 11 bankruptcy petition in U.S. Bankruptcy Court after attempts to rescue the 158-year-old firm failed. Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction.
The demise of the independent Wall Street institutions came as shock waves from the 14-month-old credit crisis roiled the U.S. financial system six months after the collapse of Bear Stearns.
Like the woman in NOLA who used her car payment to cover the cost of Gustav evacuation and had no money to leave when Ike threatened, these companies were challenged to make ends meet when time ran out. Insurance giant AIG is running the clock now – take it from there, Sop. Continue reading “Making ends meet as Wall Street goes Main Street”