Bailout Defeated in US House 228 to 205

This just in…

Bailout Defeated in US House 228 to 205

http://news.yahoo.com/s/ap/20080929/ap_on_bi_ge/financial_meltdown

More to come on this one…as it’s avaiable.

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Charlie Rose 9 15 Lehman Brothers

Black Monday or 9/15.  Lehman Brothers… one of the five big investment banks was allowed to go into Chapter 11 bankruptcy when just recently Bear Stearns was bailed out as were Fannie Mae and Freddie Mac… Hmmm

The ad for careers at Lehman Brothers is still up…  odd

http://www.lehman.com/careers/workatlehman/index.htm

At any rate, the Charlie Rose show led off with Lawrence Summers, former FED secretary and now a professor at Harvard.  He looked kinda like a recent William Shatner and sounded kinda like Bill Gates.  I was bored to tears and was glad this dude wasnt currently in charge of anything.  Charlie looked equally bored.

Charlie also had on the worst blue pin striped suit ever.

The second half was finally the good interviews on what happened.  Nouriel Roubini was very sharp albiet “right to the point” about how bad things are and that it’s about more bad investments that just home mortgages.

http://www.charlierose.com/guests/lawrence-summers

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Charlie Rose… Bear Stearns… and You

Firstly, I had a terrible day, but not as bad as Charlie..who was sporting a black eye on the left side. His comment was that he tripped and fell on the pavement. Yikes.

He did a show on how over the weekend JPMorganChase has agreed to buy a failing BearStearns bank for $2/share in some super conference call involving the FED and other major banks.

Something about liquidity (available cash) being in jeopardy as some had demanded their money investments back from BearStearns.

The word “recession” keeps getting said but now “depression” and “run on banks” is creeping more and more into these discussions.

It seems that everyone is in a “wait and see” mode as more and more of the foreclosures in the housing markets come to completion.

Frankly, I didn’t come away with much hope about the economy for the next few years. Not good…

I would love to hear Bill Maher or Michael Savage discuss this…

*** This just in… the blogsters are reporting that Charlie took a fall and saved the new “Mac Air” and instead landed on his face…  Ouch. 

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