Happy Anniversary

Well the media is making a big deal over this being the one-year anniversary of Lehman's collapse.  President Obama will mark the occasion with a trip to Wall Street where he will talk about all the good things that have happened since that infamous day.  To be sure, the economy is looking somewhat better and the stock market has recovered a portion of its horrible losses.  Still there are problems.  As reported last week Wall Street is busy thinking upnew instruments of mass deception.  This time they are pooling life insurance policies of old people and packaging them much like sub-prime mortgages.  I guess some folks will never learn.  Also, while housing is a little better most folks still have problems selling their homes and moving on with their lives.  Consumers are continuing to be very frugal in their expenditures and that is not good news for the economy, although the savings rate is up which augurs well for the longer term.  In any event, I hope I never have to live through another period like last autumn.

Leave a Reply

Your email address will not be published.