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Locals weigh in on financial meltdown

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Posted: Monday, September 15, 2008 10:00 pm

As the Dow Jones industrial average dropped over 500 points Monday, it left no doubt for many in Lodi that the United States economy is in the throes of a recession.

Though the reasons for such a drop and influences aren't necessarily local - Lehman brothers declaring bankruptcy, Merrill Lynch being absorbed by Bank of America - the results are being felt on a local level.

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4 comments:

  • posted at 9:30 am on Tue, Sep 16, 2008.

    Posts:

    And here's another part of the problem; should have known something like this was there after the Silverado fiasco with Daddy and Neil Bush.Lehman hires Jeb Bush as private equity advisor...Lehman hired another relative of U.S. President George W. Bush last year--George Walker, a second cousin, who heads up the bank's asset management business.http://www.reuters.com/article/fundsFundsNews/idUSN3046902620070830

     
  • posted at 9:14 am on Tue, Sep 16, 2008.

    Posts:

    In this case, one of the bulkheads was the Glass-Steagall Act which was repealed in 1998.

     
  • posted at 9:04 am on Tue, Sep 16, 2008.

    Posts:

    This is when you have multi-nationals and don't have "bulkheads"'Crisis of confidence' drags stocks down around the worldIn Canada, stocks fell about 3 percent while the Brazilian market lost 5 percent. In London, the FTSE 100 index was down 3.92 percent. In Paris, the CAC 40 tumbled 3.78 percent, and in Frankfurt the DAX shed 2.74 percent. The Euro Stoxx 50 index of leading eurozone companies lost 3.67 percent. In Asia, where Tokyo and Hong Kong were among several markets closed for a public holiday, shares fell sharply, with Sydney down 1.8 percent and Singapore off 3.27 percent. http://www.dailystar.com.lb/article.asp?edition_id=10&categ_id=2&article_id=96051

     
  • posted at 5:45 am on Tue, Sep 16, 2008.

    Posts:

    Marc wrote: "Though the reasons for such a drop and influences aren't necessarily local...the results are being felt on a local level."Yeah, it's called "trickle down" economics. LOL! True, the market will rebound, in fact, there are those snapping up companies right now.But this event underscores the need for decentralization and more focus on local. Like bulkheads on a ship that keep the ship afloat if one compartment fills with water.With today's multi-nationals and over-lapping markets, it's as if the bulkheads on a ship were removed; meaning if the only compartment left fills with water, the entire ship sinks.

     
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