What a Crazy Wall St. Monday

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Peter
| Peter Radizeski of RAD-INFO, Inc. talking telecom, Cloud, VoIP, CLEC, and The Channel.

What a Crazy Wall St. Monday

As we start Monday, we learn that Lehman Bros. filed for BK, AIG needs to re-structure (and needs another $40B! after raising $20B) and Merrill Lynch gets bought by BoA for $50B. This follows on the heels of last week's Freddie Mac and Fannie May take over by the Fed.

Interesting note from USA Today, " When Bank of America balked at buying Lehman, the government urged it to buy Merrill instead."

Oh, and Ike smashed much of Houston, but oil still dropped below $100 per barrel.

Yesterday, Greenspan, on ABC's This Week with George, said that this is "by far" the worst economic crisis he has ever seen. "it still is not resolved and it still has a way to go."  My response to this what: "Look what you created." To avoid Inflation, Greenspand spent several years dropping interest rates - in other words making money very cheap, which allowed this soft market to happen. He didn't do it alone. He had help from the Treasury, the Administration, the hedge funds, and the very folks that we taxpayers are going to have to bail-out, the banks. This isn't the first banking industry real-estate debacle.

When you look at all the problems this nation faces: poor education (certainly not enough PhD students); mounting healthcare costs; Social Security crisis; the banking disaster; and the energy situation. These didn't just creep up on us -- well, maybe the banking disaster did -- but Congress and the White House has had 8 years, yes, 8 years, to fix. (That's one of the problems I have with McCain and Obama - you been there more than 6 years and haven't done anything to fix anything. Why move up the street?)

The CEO at AFS is always calling for Forbearance since CLEC's should be into fiber.  How is that possible in this financial market?


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