I have worked on Wall Street for over 15 years now and this does not shock me. The Bear Stearns fall is only the tip of the iceberg. I personally know people at BS that lost everything (all savings and retirement). The economy for me is the number one issue that needs to be addressed. We are on a slippery slope with regard to the stock market and economy in general. I process Credit Deriviates for a living and these banks can make cash and lose cash just in the blink of an eye. Crazy stuff.
greenspan lowering fed funds rate to 1.25% in 01-02, MBS, lose credit, pathetic american spending habits all contributed to this socialist economy...fed has pulled all the strings trying to keep this economy afloat (bogus stimulus package, opening discount window for banks, bailing out FRE, FNM, cutting rates from Q3 of 07 to Q2 in 08, banning short sales on GSAs. meanwhile we are recording record deficits, killing the dollar on ridiculous inflation, and watching housing crumble....i say, let this economy crash further into recession.