Financial Debacle

It is hard to have a 504 point drop on the Dow and not make at least some comment on my Blog. Over the course of the last 48 hours we have seen two wall street icons wiped from the face of the earth. Lehman Brothers has declared bankruptcy and Merril Lynch has agreed to be purchased by Bank of America. This is also on the heels of the federal take over of Freddie Mac and Fannie Mae. And how can we forget, the sale of Bear Stearns. I wonder how we will look back on this in the future. Perhaps this is just the beginning of a long, slow economic debacle. Maybe these events signal the final capitulation needed to mark the 'bottom' of the market. The fact remains that tens of billions of dollars of wealth have just been erased. That is college educations, and pensions, and 401(k)'s and life's earnings all erased in a matter of days. So what will become of the throusands of people impacted by this? It is hard to say really. However, the American spirit fights on. At least now, you can start to get some serious comments out of McRove Palin and not just ridiculous comments about lipstick.