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Date Posted: 11:58:49 09/16/08 Tue
Author: Bill
Author Host/IP: 70.21.212.33
Subject: Re: Todays news flash >>>> Wall street is in a depression !!!
In reply to: arthur 's message, "Re: Todays news flash >>>> Wall street is in a depression !!!" on 11:15:56 09/15/08 Mon

Depends what you are referring to Arthur.

I don't like what is happening with the finanacials who got in over their heads and blew the backup they needed on bad moves. Don't like seeing firms that were long time stabllity icons going down the drain because of bad management either but those were poor decisions and lousey operational policies.

The savings instruments they handled though are supposed to be intact like 401s and such that now get passed on to someone else. The people who went into them actually own them not the companies that were handling them so they are not part of the company assets that can be disolved or sold or whatever.
The investment intruments they sold though that are part of the company assets are no longer backed and up for grabs or being wiped out. These are speculative instrumnents with high risk and are akin to gambling. Seems like they did too much gambling and the people who did not get out back when the rumors of problems got serious are getting burned while employees are being left hanging and having problems finding alternative employment partly because of the stigma of being from these companies.

I'ts a hell of a mess that probably should have been controlled a lot farther back than where most people are placing the blame. The thyings that led to it have been going on for two or more decades but got out of hand within the last few years.

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