Oh wait! I thought that said 2008! Silly me.Fanny, Freddy, Lehman Brothers, and now the notorious A.I.G., have all collapsed or are on the verge of collapsing. No, it's not a hip-hop group that's been on the road too long, it's just America and it's financial institutions crumbling to the ground, that's all.
The Dow Jones fell 504 points at the close of Monday's market, after Lehman Brothers filed for bankruptcy and talk of a government bailout for insurance giant American International Group (AIG). This was the largest single day plummet since the 9/11 attacks in 2001.
In the months prior to the plunge, there had been much talk about the U.S. falling into a recession, but now the conversation has turned to the 'Next Great Depression', especially after pictures of Lehman Brothers employees leaving their offices with filled boxes circulated the media and Internet. While not yet as frighting as the Crash of '29, where hundreds of banks folded in one day, there are still many parallels to be drawn between 1929 and 2008.
At this point I could rant about the irresponsibility of the Bush Administration and the squandering of our resources or maybe about John McCain's comment, repeated over and over again, even as the stock market came crashing down, about the strength of the 'fundamentals' of our economy. I could...but I won't. The fall of the market is not only due to them but to the atmosphere they helped create, one of greed and selfishness. All I can say is, thanks, thanks a lot.
At this point I could rant about the irresponsibility of the Bush Administration and the squandering of our resources or maybe about John McCain's comment, repeated over and over again, even as the stock market came crashing down, about the strength of the 'fundamentals' of our economy. I could...but I won't. The fall of the market is not only due to them but to the atmosphere they helped create, one of greed and selfishness. All I can say is, thanks, thanks a lot.
Where does one begin when it comes to the impact of this story? Everyone. This story affects almost everyone who lives in a country that has a free market system and probably also affects those that don't. Timeliness: This story has been happening all week and it will only continue with the opening bell on Monday morning. Prominence: A lot of big names went down this week and a lot of big names responded. Although this happened on Wall Street, I would argue that proximity applies here because it is affecting everyone, from the college student trying to get a loan in Berkeley to the metal worker who just lost his job in Detroit. This story has currency because it has been a major topic in the news for the past year and will definitely be in the history books as a topic of major public concern for 2008 and probably beyond. Finally, this story has conflict. Jobs have been lost, lives have been ruined, and many, many people are upset by this news.
1 comment:
I think you've covered all the bases, beautifully, I might add.
10/10
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