Stocks Tank After Wall Street Shake-Up

Dow Drops 500 Points As Investors React To Demise Of Lehman Brothers, Buyout Of Merrill Lynch

(CBS/AP)  A stunning makeover of the Wall Street landscape sent stocks falling precipitously Monday, with the Dow Jones industrials sliding 500 points in their worst point drop since the September 2001 terrorist attacks. Investors reacted badly to a shakeup of the financial industry that took out two storied names: Lehman Brothers and Merrill Lynch Co.

Stocks also posted big losses in markets across much of the globe as investors absorbed Lehman's bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock. While those companies' situations had reached some resolution, the market remained anxious about American International Group Inc., which is seeking emergency funding to shore up its balance sheet. A faltering of the world's largest insurance company likely would have financial implications far beyond that of Lehman, the largest U.S. bankruptcy.

The swift developments that took place Sunday are the biggest yet in the 14-month-old credit crises that stems from now toxic subprime mortgage debt. For the first part of Monday's trading, the market was falling, but in a largely orderly fashion as investors seemed to draw some relief from the resolution of Lehman's problems.

But as the session wore on, and there was no word about AIG, the market's suffered another bout of fear that the ongoing credit crisis will continue to devastate the financial sector, and selling accelerated in the final hour. Selling then took on more momentum as stock indexes broke through levels seen at the market's earlier lows in July, an ominous sign for some traders.

Veteran trader Art Cashin told CBS News correspondent Anthony Mason that he believes there could be more casualties:

"This is the fifth time we've seen this movie. And you sit on the edge of your seat and yell at whichever character it is: 'Don't go into that woodshed!' But they keep going in," Cashin said.

The stunning developments took place as voters, who rank the economy as their top concern, prepare to elect a new president in seven weeks. It likely will spur a much greater focus by presidential candidates - Republican John McCain and Democrat Barack Obama - and members of Congress on the need for stricter financial regulation.

Earlier Monday, President Bush expressed confidence that the economy is strong enough to handle fluctuations in financial markets, adding though that in the short run these adjustments "can be painful."

Investors are worried that trouble at AIG and the bankruptcy filing by Lehman, felled by $60 billion in bad debt and a dearth of investor confidence, will touch off another series of troubles for banks and financial institutions that may be forced to further write down the value of their own debt assets. Wall Street had been hopeful six months ago that the collapse of Bear Stearns would mark the darkest day of the credit crisis.

AIG's troubles are worrisome for some investors because of the company's enormous balance sheet and the risks that troubles with that company's finances could spill over to the companies with which it does business. AIG, one of the 30 stocks that make up the Dow industrials, fell $7.38, or 61 percent, to $4.76 Monday as investors worried that it would be the subject of downgrades from credit ratings agencies.

"People sense that there is still a lot more pain to be felt," said Ryan Larson, senior equity trader at Voyageur Asset Management, a unit of RBC Dain Rauscher.

The market was expected to remain fractious when trading resumes Tuesday. Besides its continuing concerns about AIG, Wall Street will be waiting anxiously for the Federal Reserve's regular policy-making meeting. The central bank is widely expected to keep rates steady, but the market will be looking for signs from the Fed that it is willing to lower rates amid the nation's continuing economic problems and also because the price of oil has retreated sharply from its highs of $147 in mid-July. The drop in oil gives the inflation-wary Fed more room to maneuver.

According to preliminary calculations, the Dow fell 504.48, or 4.42 percent, to 10,917.51, moving below the 11,000 mark for the first time since mid-July. It was the worst point drop for the Dow since it lost 684.81 on Sept. 17, 2001, the first day of trading after the terror attacks. It was also the sixth-largest point drop in the Dow, just behind the 508.00 it suffered in the October 1987 crash.

Broader stock indicators also fell. The Standard & Poor's 500 index declined 58.74, or 4.69 percent, to 1,192.96 - also its biggest drop since 9/11 and the first time it closed below 1,200 in three years.

The Nasdaq composite index fell 81.36, or 3.60 percent, to 2,179.91; it was its worst percentage and point loss since Jan. 4.

Declining issues overwhelmed advancers on the New York Stock Exchange, where 164 stocks rose compared with 3,064 that fell. Volume came to a moderate 1.8 billion shares.

Oil closed below $100 for the first time in six months as investors worried that a slowing economy would hurt demand. Light, sweet crude fell $5.47 to settle at $95.71 on the New York Mercantile Exchange. Oil is down sharply from its mid-July highs when it hit a record over $147 a barrel.

Bond prices surged as investors fled to the security of government debt. The yield on the benchmark 10-year Treasury note, which moves opposite its price, plunged to 3.42 percent from 3.72 percent late Friday. The dollar was lower against other major currencies, while gold prices rose.

Mason reports that Treasury Secretary Henry Paulson tried to reassure investors Monday.

"The American people can remain confident in the soundness and resilience of their financial system," Paulson said.

Investors likely also shrank from much bargain-hunting after Paulson said from the White House that he "never once" considered using taxpayer money to help prop up Lehman. That dashed some hopes that the federal government might come to the rescue of AIG.

But AIG pared some of its losses after New York Gov. David Paterson said in a press conference the company will be allowed to access $20 billion of assets held by its subsidiaries to stay in business. Paterson asked the state's insurance regulators to in essence allow AIG to provide a bridge loan to itself. Investors are worried that the company could need up to $40 billion to aid its balance sheet.

Other financial stocks fell as investors worried about the strength of banks' balance sheets. Washington Mutual Inc. fell 73 cents, or 27 percent, to $2, while Wachovia Corp. fell $3.56, or 25 percent, to $10.71.

Investors did have some more solid footing than they might have predicted at the end of last week, when Lehman's troubles and those of AIG weighed on the markets. A global consortium of banks, working alongside government officials in New York, announced a $70 billion pool of funds to lend to troubled financial companies.

And the deal for Merrill Lynch pays a 70 percent premium to the brokerage's closing price Friday. The stock has been squeezed in recent weeks, leading many Wall Street veterans to point to the company as the next behind Lehman as likely to run into trouble with bearish investors and get hit by intensified selling. The deal to pair the company with Bank of America, a huge bank with a big asset base, removes some of the worries about Merrill would be the next to fall.

Merrill rose 1 cent to $17.06, while Bank of America fell $7.19, or 21 percent, to $26.55.

Some investors said the market needed a cathartic sell-off to purge its worries over bad debt and the tight credit conditions that have hobbled the economy. They reason that a scare and subsequent sell-off in the markets could establish conditions for a market bottom to form.

"This is sort of groundbreaking type stuff," said Scott Fullman, director of derivatives investment strategy for WJB Capital Group in New York.

Fullman, who has worked on Wall Street for 29 years, noted that the Dow contains companies, such as retailers like Wal-Mart Stores Inc. that could help cushion some of the selling in the financial sector. Wal-Mart fell 78 cents to $61.63, while Coca-Cola Co. rose 25 cents to $54.75.

But even good news like a drop in oil and some resolution to fears about Merrill couldn't prevent widespread selling. Markets in Tokyo and several other Asian money centers were closed for holidays. Britain's FTSE 100 fell 3.92 percent, Germany's DAX index lost 2.74 percent, and France's CAC-40 fell 3.78 percent. The European Central Bank, the Bank of England, and the Swiss central bank stepped in an attempt to calm markets by making more short-term credit available to banks.

The reduced headcount of Wall Street firms Monday left Goldman Sachs Group Inc. and Morgan Stanley as the remaining big, independent firms. The two are slated to report quarterly results Tuesday and Wednesday, respectively.

Goldman Sachs fell $18.71, or 12 percent, to $135.50, while Morgan Stanley fell $5.04, or 14 percent, to $32.19.

The shake-up comes only a week after the government bailed out mortgage lenders Fannie Mae and Freddie Mac and ahead of sizable economic developments this week. The Fed is expected to make a decision on interest rates on Tuesday.

The Russell 2000 index of smaller companies fell 30.50, or 4.23 percent, to 689.76.

[yongamerica]

And its the one who can least afford it that has to pay for this financial calamity.

Didn''t something like this happen on Regan''s watch? There seems to be a pattern here.

[andor3]

hmmm.. this is a failure for whom?

all those executives who collected multi-million dollar salaries and walk away with equity?

or the middle class who gets screwed once again?

follow the money...

[andor3]

"something like this happen on Reagan''s watch? There seems to be a pattern here. "

yep, a crisis created that results in transfer of wealth to the wealthy. It is a pattern.

[missingamerica]

"The central bank announced late Sunday that it was broadening the types of collateral that financial institutions can use to obtain loans from the Fed"

They are probably offering up the notes on half of America''s mortgages as collateral.

That will give Bush one last chance to eliminate the middle class before he leaves office by calling those notes and foreclosing.

lolll...I figure its either that, or Bush will cluster bomb suburbia.

[brianbwb-2009]

"Observers pressed up against a police barricade drew the ire of one man who emerged from the building and shouted: "Are you enjoying watching this? You think this is funny?"

Yes we are, and yes we do. It is past time we saw an arrogant and corrupt corporation get what they deserve for their malfeasance. It is also interesting to note that "Mr. Bailout the Rich" Bush won''t touch this, for fear of having his puppet McSame further confirmed as an advocate of welfare only for the rich.

It is also probable that someone in the tax bracket of the shouter has, on other occasions and in other conversations, derided assistance to the poor as "welfare", and if my suspicion is accurate, let us hope now that he will come to understand the position of walking in the other person''s shoes.

[alphaa10-2009]

Tuckerndfw said, "... the US is only a few months away from total financial collapse and the next GOP instigated "Great Depression."
---

This "disaster" was a predictable result of GOP lessez faire banking policy. The housing bubble which sustained Bush, Jr''s Voodoo economy and its speculative frenzy of investments made the dot.com bubble look restrained and proper by any comparison.

Even Bush admits, "Wall Street got drunk." While Bernanke prefers a more elevated description of moral collapse, the lack of any federal oversight calls Bernanke, as an intelligent, moral entity, into serious dbout.

Speculative risk, per se, is not to blame, but the lack of any rules for the newer investment markets, any bounds by which to determine when an asset is truly valued, and when it is not. There is no other way to put it-- speculating banks took their customers and their assets on a wild ride, and knew they did. Now they blink their eyes soulfully and claim, "Dunno what happened, ossifer!"

The most galling aspect of Bernanke''s tenure is his insistence taxpayers are the ultiamte guarantee to make the world safe for bankers.

[brianbwb-2009]

"Just the psychological impact of this kind of failure is going to be significant. It will color people''s feelings about their well-being and the integrity of the financial system." Samuel Hayes, Harvard Business School

No, it will actually remove the false color, and let people see, in stark reality, that the financial system has no integrity, and their well-being, based on trust in a crooked corporation in a proven crooked industry, has always been nothing more than an illusion.

[brianbwb-2009]

"...Even Bush admits, "Wall Street got drunk." While Bernanke prefers a more elevated description of moral collapse, the lack of any federal oversight calls Bernanke, as an intelligent, moral entity, into serious doubt." Posted by alphaa10

I wonder if you meant "morale" collapse, and I wonder because those of us who were denied business investment, and steered to unfair mortgages, even when we were more than qualified for standard treatment, have known for decades of the lack of "morals".

Those of us who have watched as CEOs and upper management ran companies into the ground, while taking their "golden parachutes", know full well of the lack of morals, but an arrogant abundance of morale.

[apprxam]

Alan Greenspan is sickening. "Once-in-a-Century event". Really, Alan, nothing to do with your Friedman posture as Fed Chief? You know, this goes beyond simple greed. And I used to think it was abject stupidity.

There appears to be a plan afoot to destroy not only the middle-class but the entire platform of American economic well-being. There seems to be an attempt the equalize the level of American wages with that of the rest of the globe. I''d be okay with that if it wasn''t for the fact that big oil, big banks and big business still insist on making their record level of profits. RePugNaCOns and Bill Clinton DLCers have betrayed this country for over 28 years. Enough of the Reaganomic Tract-to-failure.

[wdh3007]

Everyone can sit back and blame Bush all they want it''s not going to do any good the guy has two months left in office and most likely won''t be able to do anything. Fianacial markets are risks it''s the nature of the business you win and you loose. The bottom line is if 9/11 would not have happened our economy would not have sank like it has the last 7 years. Blame the terrorists and the do nothing Democratic Congress.

[apprxam]

wdh3007 says "The bottom line is if 9/11 would not have happened our economy would not have sank like it has the last 7 years."

Nothing about bad business practices or enforement of the laws on the books or "reasonable" regulation? Just 9/11 and "blame" Bushisms abound for RePugNaCons? Two building fallins, et al, is not excuse to the bad-fiath practices the banks and investment houses have enbarked on since well before 9/11.

And claiming the business as "risky" and making on distinction between that and out-and-out banditry is either willful blindness or lobbying on your behalf. Risk are acceptable, but dishonest and treasonous economic activity by those banks and the political runway given them by Democrats and Republican alike will prove debilitating for years to come. Well beyond your 9/11 creed and Cheney/Bush protectionist stance.

[ncvoter2]

people want deregulation to encourage competition--yet now we want the government to regulate. i''m totally confused-- surely there''s got to be a median somewhere? reform maybe? personally, i think the people ougt to have more power into government decision. companys have lobbyist, why can''t we have lobbyist too! something to think about--what we need is a good old fashioned revolution

[ncvoter2]

sorry ''bout your luck

[apprxam]

ncvoter...you''re right about that revolution thing. But then I figure that the power elite will take that over again and just water it down after a little bit of blood-letting.

The strong take for the weak

The Smart take from the stupid

And the weak become smart and rich and takes from everyone.

(I think Mojo Jojo said that)

[ncvoter2]

interesting point,-something to ponder on

[tachoma-2009]

January 28 1963 - Black student Harvey Gantt enters Clemson University in South Carolina, the last U.S. state to hold out against racial integration.
Novemeber 22, John F. Kennedy assassination

[ncvoter2]

let''s hope it doesn''t come to that

[ncvoter2]

JFK said it himself; ask not we can do for you, but what you can do for your country. 10-4

[ncvoter2]

freedom for all, except for the ones that work for it

[r9119111]

Your recipe for wealth would be to take it by force from the wealthy and redistribute it to the middle class by way of social programs like medical care, education, food, shelter and the like? That''''s communism and socialism, Comrade. Welcome, Home. We''''re almost there. Just one more campaign and we''''ll win. We''''ve successfully captured, gutted, neutered and neutralized the Congress. We''''ll take the White House next. Then it''''s on to the Supreme Court, one seat at a time with Comrade Obama.

Posted by maxify55 at 05:36 AM : Sep 15, 2008


You are one of those people who prefer socialism for the rich and capitalism for the poor. The solution to the problem rests in compromise with everyone doing his fair share. Your approach is extremist and will only lead to worse problems.

[wl7bzh]

I feel so badly for all those corporate raiders and thieves who are directly responsible for the financial mess they made.

Too bad they aren''''t all being sent to prison where the belong.

Posted by tuckerndfw at 02:05 AM : Sep 15, 2008

The Fed. Prison Camps are prison for the rich
Not a bad slap on the wrist for corporate representatives who know some of the best judges money can buy.

[ajaxtheleast]

"The Federal Reserve also chipped
in with more largesse,,,"

"LARGESSE".!!!???"

"SAY IT!,,SAY "MONEY",,"M-O-N-E-Y",,"MONEY!"

"m-m-m-mon,,,mo,,mone,,,"

"NEVER MIND.!!",,SAY "LIQUIDITY"!"

"Liquidity.",,,I can say "liquidity" again
if you want!!

No no you proved the point, thank you,

[williewomper]

Corporate Capitalist Socialism...Socialism for the Upper 2%...Republicans just hate it for the other 98%!

[neoconrcrazy]

Merrill Lynch

share value $100 in 2007
share value $ 29 in 2008

71% loss in value, in 1 year

bush & co. want your social security in this "private" sector???? are they crazy?

[barbaraf4]

You know, of course, upper management in these institutions never lose a dime on these failures. Their assets are safe in off-shore accounts. So what if they get a couple of years in a Country Club Federal Prison. Their families are well taken care of and they come our rich anyway.

[lewiston14]

" Observers pressed up against a police barricade drew the ire of one man who emerged from the building and shouted: "Are you enjoying watching this? You think this is funny?"

One question, two answers, one common reason.

Answers:
Yes we think it funny as all get out.
No we do not think its funny at all.

Reason:
Your company and many others out of greed made a lot of wrong decisions along the way. Not that you had anything to say about it.

Well enjoy the ride as many of us got the boot several times over the last years thanks to free trade along with many other reasons. Sure they can make a bolt 5 cents cheaper but if it don%u2019t break right away in a few years it will. An American bolt has standards. Enjoy the ride as you have to sell for a loss your $750,000 condo in NYC. Enjoy the phone calls from the very people you worked for ask where this months checks are. Enjoy no health care and no retirement. If I was you I would get an answering machine and caller id. Your going to need it unless you have another trade like cutting lawns, splitting logs, pumping gas, flipping burgers, Etc. You could go work for Al Gore pretending to being green. I guess that means eating alot of grass.

[neoconrcrazy]

bush, McSame, their republican economic advisors (like Phil Gramm) all support & propose allowing social security dollars to be "invested" on the stock market!

Can anyone imagine the damages if social security & "asset-backed securities" (mortgages) were in the same pot ?? We''d probably be talking about Chapter 11 for the USA today.

everything these last 8 years has been reckless folly mixed with over inflated egos and arrogance.

[emelder]

These desperate weekend meetings to save our economy from ruin have GOT to be a wake-up call to any McSame/Barbie supporters who still think our economy is doing OK!!! Voting for REAL change by electing Obama/Biden is our only reasonable option for America. Let''s really get behind them, people, by electing them and by giving Congress all the democrats they need to get this country back on a positive course again.

[r9119111]

Posted by r9119111 at 06:22 AM : Sep 15, 2008 * Since when does earning what you receive a bad thing. Try and find an honest worker these days. One that gives you all you''''ve asked for an goes the extra mile because he earns it. You, Sir, are the kind that says: "Give me a raise in pay because you haven''''t found enough reason to fire me, yet. I still work here."

Posted by maxify55 at 07:05 AM : Sep 15, 2008

I believe in honesty. Expecting to be paid for nothing is the opposite end of the coin from selfishly taking from others what you don''t deserve and driving them into servitude for unfair wages. We are all in this together. We are doing our best when everyone gets his share of prosperity. Fair and balanced is the centerground between all of the extremes. Compromise is esential for balanced solutions. We have seen precious little of it in Washington. We need honest politicians. Deceitful and self-serving politicians only make it worse.

[donevis-2009]

The real kicker to this mess is if the administration decides it constitutes an official national emergency. This move could postpone the elections and we''ll be stuck with Bush Co. for an extended six months. Can''t happen you say? The law was pushed through, with hardly any Media attention back in 04. Hang on ladies and gentlemen we''re getting ready to start the E-ride from financial He11. "God Speed USA"

[emelder]

everything these last 8 years has been reckless folly mixed with over inflated egos and arrogance.

Posted by neoconRcrazy at 07:26 AM

Excellent post ... spot on!!!

[ontheleft]

The second Great Depression has officially begun.

[credibility2]

Sad day for the financials. The combined avarice of the new breed running these companies and into the ground have also been helped by ignoramus borrowers who weren''t entitled to the American Dream or anything else with their flimsy sketchy credit histories. As foreclosures continue, I wonder how many of these morons are deliberately defaulting versus trying to sell and end up making payouts at closing because they owe more than what their homes are actually worth and what''s left on their mortgage? Private Mortgage Insurance obviously is covering the losses and I don''t believe the PMI was ever intended for this type of risk. The companies are at fault, but so are the borrowers who were so stupid, many didn''t even seek legal counsel to protect their interests. Just because a person is breathing in air isn''t an entitlement in itself. Like most things in life, one has to work and earn for it, which is what home ownership is all about.

[skyk239]

You got the same dog. You''''re just changing the head and tail. I''''ll let you choose who is which.

Posted by maxify55 at 07:10 AM : Sep 15, 2008

I have lived on this earth 60 years and at no time, under NO Democrat President has this nations suffered so much for the wealth of a few. You people are disgusting and worthless as far as I can see to this nation.

[credibility2]

Sorry, typing too fast; I meant to state ".....Private Mortgage Insurance obviously "ISN''T" (not is) covering the losses and I don''''t believe the PMI was ever intended for this type of risk....."

[ontheleft]

Some advice for the coming years. Tree bark and grass clippings are edible. Insects and earthworms are a good source of protein.

[helloall34]

Everyone can sit back and blame Bush all they want it''''s not going to do any good the guy has two months left in office and most likely won''''t be able to do anything. Fianacial markets are risks it''''s the nature of the business you win and you loose. The bottom line is if 9/11 would not have happened our economy would not have sank like it has the last 7 years. Blame the terrorists and the do nothing Democratic Congress.

Posted by wdh3007 at 03:56 AM : Sep 15, 2008
----------------
----------------

You are a brain dead fool. You must work in politics? The loss of a few buildings in downtown New York and a few Thousand lives is terrible. However, in the larger scheme of things, it is a blip on the radar screen. What came after has been the disaster... That being politicians taking advantage of good American patriots out of greed and selfish desire. Democracy only works when the checks and balances are in place, ours is failed. There is always hope, but we need true change. I;m not sure our system is capable of it. Look at why Rome fell... Look familiar?

[vsg4]

"The second Great Depression has officially begun.

Posted by ontheleft at 07:37 AM : Sep 15, 2008"

This administration''s hands off approach with regard to sub prime lending and irresponsible borrowers, greedy appraisers lead us into this. The administration is in a state of denial. This war is financed by internal barrowing ( internal debt risen from 5.7 trillions to 10.16 trillions, capped at that) and no more money for war or for bailing out banks. Next president has to increase on top 5% of the income earners ( who makes 300,000 or more). That is rolling back taxes to rich.

[generey]

Just raise the price of gas some more! (And they will).

[jmurrieta11]

The Neocons just don''t seem to be able to connect the dots--putting a trillion dollar war on a credit card while cutting taxes for the uber-rich is unsustainable.

Like when Bull O''Really was haranguing Barack Obama about capital gains tax rates--O''REally wants them at levels about half of other income--O''Really threatened to not put his money into investments if the tax rates are too high for his precious self.

Where else you gonna put all your money, Bull?

Into your mattress?

[dredre2k]

You can all thank the Republican deregulation of the mortgage & financial markets, and the banking institutions for this current crisis. Leaving responsibility to "market forces" is the cause of the current crisis. Most companies will suffer, but a few "connected" will benefit.
The "Gilded Age" is finally ending...

[jmurrieta11]

We need an investigation as to what members of the Bush-Cheney regime, and what friends of McCain, bailed out of Lehman in the past weeks and months, knowing that the government bailout given to so many others wouldn''t be offered to Lehman.

Lehman must not have made the necessary donations to the Repug party.

[omega40]

All of those former workers pictured above appear to have suffered a "mental recession", I suppose next we will hear them "whining" that they can''t find another job that pays 200k a year.

[whitemale08]

Another failure on Republican watch...

George Bush failed 9/11
George Bush failed to catch Bin Laden
George Bush failed the War in Afganistan
George Bush failed the War in Iraq
George Bush failed the "surge"
George Bush failed Katrina
George Bush failed the economy

How long can we endure failure by these stupid Republicans? How long?

[ocasanas]

Observers pressed up against a police barricade drew the ire of one man who emerged from the building and shouted: "Are you enjoying watching this? You think this is funny?"

Yes, we think that this is funny! Now, go find another $200,000 job flipping burgers instead of flipping people''s money.

[mydiatribe]

"Greed is Good!" - Michael Douglas - "Wall Street"
Time to have a look at plan B?

[lewiston14]

%u201CI wonder how many of these morons are deliberately defaulting versus trying to sell and end up making payouts at closing because they owe more than what their homes are actually worth and what''''s left on their mortgage? %u201C

Im sure many They are looking at a house that may have been set on fire in Texas because insurance only pays for wind and fire, not water. So burn it down and your in the club to collect. It%u2019s the American way now. Do you blame anybody anymore? Don%u2019t forget the next 165 billion will be needed in the spring to keep the war machine running. Would I deliberately default IN A MINUTE I should work in Washington. I would fit right in

[jmurrieta11]

So Ronald Reagan''s chickens are now coming home to roost. The myth of deregulation of banks and the financial industry has showed that the inevitable result is the average person gets plundered by predators while the government is paid off by the plunderers.

How many "Reagan Democrats" have been hit, and hit hard by the ongoing financial collapse, of which this is but one small symptom?

If you''re one of them, don''t come crying to me!

And don''t expect me to bail you out!

[n8yvn29]

We continue to see the fallout of the Bush economic and war policies: bankrupt financial institutions, bankrupt Americans, Americans losing their homes, gasoline and food at all-time highs, us in an economic recession. Bush''s economic track record is such that every business he has gotten his hands on, he has run into the ground - and now he has done the same with our country. John McCain has voted with Bush 95% of the time on these failed policies - guess who I''m voting for.

[gunfighter51]

I did''nt know Bush and Cheney were running Lehman.

Learn something new everyday, I thought it was a bunch of Ivy league liberals running Lehman