Sunday, September 14, 2008

Back Online...

We finished painting the computer room today and I'm back online. Too tuckered to think up a post though... Interesting non-sci-fi-related day too. My husband works for Merrill Lynch. If anyone here pays attention to financial markets you may know why I mention the fact that Bank of America just bought Merrill for a reported $44 billion. Whew. The financial markets are taking a beating. The sub-prime mortgage mess just isn't going to go away quietly. Merrill was one of the last independent brokerage firms left, but now that Lehman Bros. is filing bankruptcy, Merrill has to find a way to swim before they sink with Lehmans. It's going to be a chaotic day on Wall Street today. The deal with BofA won't close until the beginning of 2009 and I doubt it'll affect my husband's job in the near term. But it is a little scary to think of what it might do some retirement accounts. One of my husband's partners is supposed to retire in 2 years and this could really gut his retirement account. Suuuuucks. The DOW is going to throw a hissy fit today.

6 comments:

Stewart Sternberg said...

Yes, this is why someone needs to sweep into office who is willing to pass regulations. With the Enron loophole and the mess at the subprime, we've seen what five years of alleged free market policy can accomplish. Now it's time for the government to rein in the corporations for their own good and to protect the interests of the people.

Hmmmm...wonder who I'm voting for.

SQT said...

Stu

This financial mess could very well be the tipping point in the election. IMHO.

Charles Gramlich said...

My retiriment plan has sure taken a beating.

Steve Malley said...

Time and again, Wall Street says, "Things will be best if you let us police ourselves." Time and again, they go out of control like teenagers with the parents out of town.

It's staggering to see what a big mess they made with the subprime thing. You think we'd learn...

Charles Gramlich said...

BTW, I got "The Dark Ferryman" today. Looks tres cool. Thanks very much.

SQT said...

Charles

Yeah, I think everyone has taken a beating lately. Glad you got the book-- I hope you like it.

Steve

No matter how bad it gets we'll still see the lather-rinse-repeat cycle in another 15 years or so.