Monday, September 15, 2008

The Next Great Depression?

Well I've talked about this for a little while but I just read the news about Lehman Brothers declaring bankruptcy and Merrill Lynch being bought out. AIG, American International Group, is taking directly in the anus on these losses as they are the insurer. They've lost 92% of their net worth year to date. The article I read off of Reuters is saying this is "the biggest financial industry shake-up since the Great Depression." There's an estimate that as many as 40,000 workers in Wall Street may end up loosing their jobs. I guess they can join the club with Detroit. - Reuters

On top of that, all this shit has been going down in the past couple days in Pakistan. The US Military chased some guys across the Pakistani border, authorized by the President. Of course Pakistan is pissed and are locking the border down, but the kicker is they already had an incident today. The Pakistani Military fired warning shots, sending some US helicopters back to Afghanistan.

All we need is another mega category 4 hurricane to set shit off. Ike was category 2, and with oil prices dropping under $100, gas is still sucking b/c all the processing plants in Texas shut down. This is some fucked up shit... I really should seriously considering buying some guns for WW3/2nd Civil War/Great Depression.

P.S. Here's a quick history of Lehman Brothers :
"The bankruptcy filing represents the end of a 158-year-old company that survived world wars, the 1997 Asian financial crisis and the 1998 collapse of hedge fund Long-Term Capital Management, but not the global credit meltdown." - Reuters

Another Tidbit; Lehman Brothers has never posted a quarterly loss in their entire history as a publicly traded company. I'm not sure how long that term is, but since they are freakin 158 years old, I'd imagine that period is substantial. Damn, that is FUCKED up.

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