There is major trouble and strife in the US financial sector. Major.
First it was Bear, Stearns.
Recently it was Fannie Mae & Freddie Mac.
Now Lehman Brothers and Merrill Lynch as in trouble.
BBC News: Lehman set to go into insolvency
There is major cause for concern. These are major, well establish American financial institutions who are facing dire straits - including bankruptcy. The US media is downplaying the severity.
This is not on par with the savings and loan fiasco that plagued regions of the US back in the 1980s and 1990s. This is national and it is big. The full impact is yet to be felt but, in my opinion, it will be a significant impact to the US financial sector, the US economy and the US dollar as a world currency.
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