The MSM is in uproar over what’s happening on Wall Street. Merrill Lynch ran into the arms of Bank of America while Lehman Brothers essentially went bankrupt, with parts being bought by Barclays. AIG is on the ropes. The MSM shows images of workers leaving their offices after having cleaned out their desks. I suppose we’re supposed to be horrified by these images of Wall Street workers out of a job. I don’t wish for people to lose their jobs, but those losing their jobs on Wall Street seem like a blip on the radar of many Ohioans who have seen jobs leave the state for several years on end. Wall Street has played a role in the economic crisis in Ohio, so I don’t think Ohioans are weeping that economic woes have finally come full-circle from Main Street all the way back to Wall Street. Actually, though we, as Ohioans, may be tempted to tell Wall Street “Welcome to our world,” the truth of the matter is, the jobs outlook on Wall Street is still healthier than the jobs outlook in Ohio. They don’t know the meaning of the word “bleak” yet. But I understand the hype of Wall Street’s problems in the MSM. After all, the capital of the MSM is New York City, which is where Wall Street is, so the story hits closer to home for the journalists covering it.
Nevertheless, the woes of Wall Street could worsen, and there could be dramatic ripples through the rest of the economy, which is why I wrote a post encouraging family preparedness.
The market does need to correct itself without the Federal government bailing it out, so I implore the government to stay away from AIG. I still think the Federal government should not have bailed out Freddie Mac and Fannie Mae.
September 16, 2008 at 11:33 pm
Unfortunately I have a feeling the government will step in, it’s been interesting watching the political blame game happening with this as it’s analyzed how either side can try to take some type of political advantage from what’s happened.
In reading this The feds will own 79.9% of AIG.
September 16, 2008 at 11:44 pm
Errrgghhh! Why does this have to happen on Bush’s watch? Are these companies tanking on purpose at the current time just because they think it likelier that Bush will bail them out than Bush’s successors would? I’ve almost always disagreed with Bush on issues regarding labor and commerce. Democrat Senator Charles Schumer, of New York, is the most prominent politician lobbying for an AIG bailout. OOOHHH! That Schumer makes me mad!
September 24, 2008 at 12:27 pm
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