Lehman Brothers and Merrill Lynch Freak OUT

September 15, 2008 - 9:49 am By Jess - NYU

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“The venerable Lehman Brothers investment bank said early Monday that it will file for bankruptcy, while Bank of America unveiled plans to buy Merrill Lynch — two pieces of news that profoundly alter the American financial landscape.”

In case you’re just waking up, Wall Street is going through some major changes.  Nevermind that Ike is causing oil prices to jump up yet again, two huge investment banks, both of which came through the 1930’s Depression, are in the process of folding.  While Merrill Lynch may be finding new life under Bank of America, Lehman Brothers, which is 158 years old, is closing it’s doors for good.

What does this mean for you?  Well, that remains to be seen.  All eyes will be watching Wall Street today, hoping and praying that other stocks will stay strong in the wake of such monumental financial crumblings.  It’s not news that our economy is currently shaky at best, and it may be too early to tell how exactly these two recent foldings will effect people’s wallets.

Let’s just think positively.  And maybe…skip that latte this morning.

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10 Comments on "Lehman Brothers and Merrill Lynch Freak OUT"

  1. lisa says:
    Mon, 15th Sep 200811:11 am 

    Helloooo….Oil prices have dropped.

  2. J - NYU says:
    Mon, 15th Sep 200811:14 am 

    They dropped pre-hurricane, but reports are that they’re now rising b/c Texas oil refiners have been damaged…

    http://www.usatoday.com/money/industries/energy/2008-09-14-gasoline-ike_N.htm?csp=34

  3. J - NYU says:
    Mon, 15th Sep 200811:15 am 

    *oil refineries…as opposed to oil refiners.

  4. lisa says:
    Mon, 15th Sep 200811:42 am 

    It was down 7 dollars but now down 4. It will probably drop again by the end of day. It will stay under 100 for a while…just watch.

  5. Stephanie says:
    Mon, 15th Sep 20081:00 pm 

    My stocks..my stocks..omg, my stocks..

    I can see that when Osama said he would take America down he didn’t mean it in the way we all thought (i.e another critical plane hijacking).

    No, instead lets spend billions upon billions on a war that started because of him and soon the country will spiral into a lovely little economic crisis.

    I can see this going well for a while …

  6. snarktastic says:
    Mon, 15th Sep 20082:34 pm 

    this is more about the housing crisis than iraq. people are dumb as shit and think that adjustable rate mortgages are a good idea [they are occasionally, but generally speaking they are wrong for most people]. yes, iraq has cost this country a lot of money, but that’s not the reason lehman is collapsing.

  7. Stephanie says:
    Mon, 15th Sep 20084:44 pm 

    Some part of me tells me that there would be no housing crisis had we had the money that we are so effortlessly throwing across the seas to the Middle East.

  8. snarktastic says:
    Mon, 15th Sep 20085:23 pm 

    and that part of you is an idiot.

    “it’s the economy, stupid!”

  9. Ellie says:
    Mon, 15th Sep 20088:34 pm 

    Snarktastic, chill out! She’s not an idiot for saying we’re wasting money by being in Iraq for so long. Guess what…we’re wasting money by being in Iraq for so long!

  10. Stephanie says:
    Mon, 15th Sep 200810:20 pm 

    Ooohhh burn.

    Yeah, that’s a logical explanation.

    Guess what? Your ignorance is showing.

    Just because the economy is supposed to be self-regulating doesn’t mean it is or always will be.

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