Lehman Brothers and Merrill Lynch: Depression Eminent

On Monday, Wall Street firms fell from the shock waves of the credit fiasco that has plunged the financial system into a spiraling downfall, resulting in stocks tumbling in response.

Who would have believed that Lehman Brothers, a 158-year-old bank with over $60 billion in unwanted real-estate holdings, would file for federal bankruptcy protection?

Today that is exactly what happened. These are scary time for would be retirees or people closing the gap of retirement as well as those trying to build a nest egg.

To make matters worse Bank of America Corp. said it is buying up Merrill Lynch & Co. in a $50 billion all-stock transaction!

Meanwhile, here in middle income America, jobs are declining and income is dropping with an added effect of oil prices and crooked politicians creating inflation.

Despite what the experts say, we are not on the verge of financial disaster, the disaster is already here.

Anyone remember the Great depression? Fortunately I wasn’t alive for the first one, but unfortunately I will be alive for the one which is inevitably eminent.