Bad-News Death March Seems Endless
Two weeks ago began a tempestuous weekend that saw Lehman Brothers, Merrill Lynch and AIG begin to collapse as going concerns. It's been a relentless 14 days since. Lehman failed; Merrill sold itself for a song and AIG had to get bailed out by the government. We've seen the last two independent investment banks give up that status so they can accept federal cash; the Treasury Department propose a $700 billion banking bailout and bitterly divide the government; and John McCain controversially suspend his presidential campaign. The morning papers today bring word of the largest bank failure in American history at Washington Mutual, splashed in full panic font across the front of the louder-than-ever Wall Street Journal (pictured). Tonight we'll finally find out if the first presidential debate occurs, and either way it won't be pleasant. Don't let your guard down for the weekend: Those who did so seven days ago missed "the end of Wall Street." (Good luck relaxing.)