Monday, October 6, 2008
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he markets are closed for the day after a painful and punishing ride down and further down. I found myself mesmerized by the slide which took the market down some 800-plus points, to close off in the mid three hundreds. I had CNN to keep me company and apprized. With the closing bell we were well below 10,000 on the Dow. I'd seen the start of hearings in the House, with California's Congressman Henry Waxman verbally lambasting the former head-honcho of the late lamented Lehman Brothers . The man had received over $250 million in compensation over the past handful of years. Some of these immaculately suited gentlemen will lose money, stature, position, power, influence and possibly a home in the Hamptons. Most won't, having taken care to save and secure their own remuneration. If only they had cared sufficiently about those whose money they invested. Nero fiddled while Rome burned, so the legend goes. The band played on while the Titanic sank, so the record shows. I get no solace from knowing that our financial disaster at home has had a ripple- out impact on markets across the world. An era has ended and the future course of our economy and lifestyle is unknown at this stage. It is going to be tough for many millions. Please God let it be in the hands, or under the leadership of people smarter than Sen. John McCain and Gov. Palin. We urgently need a president who will get involved, immediately, in tackling the critical issues that face the economy and the nation. We have to have a bipartisan effort to make meaningful reforms. Solutions do exist and this great nation will meet the challenge and prevail. |
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