This is a serious bummer, Lehman Brothers has bit the dust. What is happening to our financial corporations? I guess greed has reared its ugly head and wiped us out. The collapse of Lehman Brothers today has threatened to topple the world’s largest insurance company AIG as well.

I have heard from several friends today in New York who are scared shitless. Many people have lost their jobs and it’s going to effect our economy BIG TIME!

According to news reports:

On one of the most tumultuous days ever seen on Wall Street, which also involved a $US50 billion ($61 billion) takeover to save Merrill Lynch from likely collapse, the Reserve Bank pumped an emergency $1.3 billion into the local banking system to support liquidity.

In what is being described as the Mother of all Mondays, the fabled Wall Street will never be the same again. Financialbankruptcy, Merrill Lynch being sold to BofA in a distress sale for $ 50 billion, and AIG asking the Fed for a $ 40 billion bailout. The FTSE dropped 200 points, or around 3% in early trades.  Commentators are talking about a tectonic shift that will change the face of the world’s banking sector as we know it. Markets world wide are reeling from the after effects of the triple shock of Lehman Brothers going into bankruptcy.

The whole world is watching us now, the upcoming elections are so critical to our financial survival. I encourage everyone to vote for the best candidate who can pull us out of this economic crisis. A few prayers wouldn’t hurt either.