Probably nobody reading this is old enough to recall the banner headline WALL STREET LAYS AN EGG. This certainly was not as bad a week as that (although the week is not over), but this has been a tough week financially!
Lehman Brothers declared bankruptcy, the largest ever in the United States. Investor concerns turn next to American International Group Inc., a giant insurance company, after a plunge in that company's stock and downgrades to its debt by credit ratings agencies who say the slumping housing market could further undermine its finances. The U.S. government announced an $85 billion emergency loan to rescue AIG, saying a disorderly failure of the company could further disrupt already delicate financial markets and the economy. The Securities and Exchange Commission bans some aggressive forms of short-selling. Stocks have been up and down (mostly down) all week. The Federal Reserve and central banks in Europe and Asia pump up to $180 billion into money markets in a bid to free up a lending freeze between banks. Markets rally on hopes for a broader government rescue package.
Pray my brothers and sisters for the strength to endure all of this and that the leaders will help us find a way to a more stable economy! We sure don't need any more egg laying!