What Pisses Me Off About the Financial Meltdown of Lehman Brothers, Aig, Washington Mutual and Other Collapsing Businesses

by 104inc.com - Date: 2008-09-17 - Word Count: 544 Share This!

Lehman Brothers went bankrupt, AIG is being bailed out by the Federal Government, the Fed is looking for a buyer of Washington Mutual, and banks on 09/16/2008 abruptly stopped lending to each other overnight.  All this turmoil did not occur over a period of a few months or a year although it had been building for the last 2 years.  All of this activity has occurred in the last week.  It began on 09/14/2008, and as of the time I am writing this article the stock market has dropped an estimated 5% in 3 business days.

You say that is ok I will get into a money market fund because my money will be safe and liquid there.  Well not anymore.  The Wall Street Journal reported that a huge money-market fund, the Reserve Primary Fund, announced Tuesday that it lost money as its net asset value fell below the hallowed $1-per-share level, the first time one of these conservative funds has had a loss in 14 years.  The reason is was debt securities it holds issued by Lehman Brothers Holdings Inc.  This means that more losses may be in store for other money market funds.  The S&P and Standard and Poor's have placed several funds on credit watch for possible downgrades.

What does this mean for you the person living on Main Street?  We are facing potentially the largest financial meltdown in history.  This crisis will not only have ramifications in the United States but around the world. 

The thing that pisses me off about all this is when those individuals in their Ivory Towers were looking down and seeing how much money they were making rather then seeing what the moral hazard is they wanted deregulation.  They wanted the government to stay out of their business.  Now that they are all strugiling and the businesses are collapsing they want the regulation and begging the government to bail them out.

As a community and as a country we are going to suffer.  We need to stand up to all the politicians who make these laws and start voting them out.  We need to make them understand that they are not in Washington to do the bidding of lobbyist but the bidding of the American People.  What makes our country any better then any other country?  Nothing because what we call bribery based on the activities of other nations we call here lobbying.  We need to stop playing on words.  If it looks like a bribe and it smells like a bribe then it is a bribe.  Deep pockets buy good government for those who can afford it.  The rest can all suffer based on that philosophy. 

Stop the madness people.  It is time for a financial revolution.  The best way that we can affect change is by hitting where it hurts the most.  Not by wars and fighting and killing but by hurting the deep pockets.  Stop voting for the same people over and over again.  Stop picking only Democrats and Republicans.  Both parties have controlled this country for over 100 years.  What is different from that and a dictator?  Nothing!

Check out 104inc.com and join the revolution of people who want to break the monopoly on deep pocket businesses.  104inc will help the little guy unlike Yahoo and Google.

Related Tags: money, article, market, country, banking, business, community, bankrupt, politicians, lehman brothers, washington mutual, wall street journal, federal government, deregulation, fed, aig, moral hazard, bail out, collapsing, 104inccom, financial meltdown

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