More casualties of the US economic market were claimed as Lehman Brothers declared bankruptcy. This, after the US Government refused to give the company financial help.
Any recovery would have been sign that would have showed the Bush administration is more concerned about Wall Street than “Main Street”.
Yesterday, Merrill Lynch was forced to sell to Bank of America for $50 billion dollars in stock.
Now there’s word that American International Group Inc. (AIG) is asking the Federal Reserve for emergency funding. The world’s largest insurance company plans to announce a major restructuring.
New York Governor David Paterson announced today is allowing AIG to use a $20 billion dollars in subsidiary assets just to to stay in business.
When all was said and done, the New York Stock Exchange lost 500 points, the biggest loss since the 9/11 attacks.
Despite all the trouble, John McCain declared in a speech that, “The fundamentals of our economy are strong.”
That’s gonna hurt him. More and more, McCain’s words are coming back to haunt him.
OUCH! That was a vaccum cleaner sucking the life out of the McCain campaign.