Lehman Bros failed alright but Merill Lynch?
Waking up this morning not expecting big news as it was the weekend and all and then the first headline I read is that Merill Lynch is beeing sold? Holy freak. While I am not a bank person and only understand half of what is written about the economy I do understand that Merill Lynch is in the top five of american investment banks - if not even in the top three. While there was lots of noise about Lehman Bros failure there was not even a chirp about Merill Lynch going down. Lets recap - Bear Stearns, Meril Lynch, Fanny and Freddy, Lehman Brothers - that is a hell of a list of failure for just 6 month! And it seems the failure rate is accelerating because after Bear Stearns there where 2-3 month of silence then comes Fanny and Freddy and only a month later the Lehman Brother and only three four days later Meril Lynch (still canīt believe that). Someone on some other blog wrote "Wallstreet is sinking faster then the Titanic" and I tend to agree. Investment Banks and Creditors are already victims - next up are the savings banks - if only one of those big ones collapses you have the super GAU. Interesting times indeed.
A good site too watch the banks implode is the bank implode-o-meter