Meltdown Monday 2.0: A Roundup
Listening to both the media and the person on the street, it seems that the financial meltdown not only has us royally screwed, but maybe even biblically so. Take, for example, my barber, who works on the busiest street in one of the busiest financial districts in one of the busiest cities in the United States. Clientele is down, he reckons, 30 percent. And, he notes, many of those coming in for haircuts are saying they need that cut for a job interview -- regulars who have held steady jobs since the turn of the century.
It's bad news all around. But at BNET we're not here to simply relate the news; we're here to explain it. Here are some resources to help you make heads and tails of the current unpleasantness.
The Fed Bailout Fails in Congress: Now What? Our man in finance, Bob Reed, thinks the bill may have to be "seriously reworked" and that the Goldman Sachs and Morgan Stanley deals may be imperiled.
Will There be an SEC Next Year? With "voluntary" self-policing at financial institutions being dropped by the SEC, Peter Galuszka wonders how long the SEC will exist. And, he wonders, wherefore CEO comp in all this mess?
5 Steps to Fix Corporate Governance Meanwhile, Steve Tobak offers up his suggestions for fixing the fixes that have tried to fixe corporate governance. (Hint: It may be back to the future.) And, by the way, his Corner Office mate, Peter Galuszka, disagrees.
Will the Meltdown Lead to SOX 2.0? Jessica Stillman finds that Sarbanes-Oxley, which was supposed at least in part to help prevent meltdowns like this, is also hitting the skids. Will SOX 2.0 be far behind?
Will a Bailout Just Make Things Worse? Michael Fitzgerald goes into the history of government bailouts and finds that at least one historian finds them wanting. (And if big finance has you down, try microfinance.)
Even Your Hamburger May be Affected CKE, which owns Carl's Jr. and Hardee's fast food joints, as 10-Q Detective, David Phillips, explains, "is subsidizing restaurant operating costs" by "guaranteeing loan obligations." These obligations are weighing heavily on the company.
Haven't heard enough and have some time to kill? Check out This American Life's hour-long housing crisis run-down, and Jim Mauldin's Thoughts from the Frontline on the subject (free reg. required).