Lehman Files for Bankruptcy Protection, Dow Down 504
Wouldn’t it be great to have Mitt Romney as the new Treasury Secretary right about now? Financial market talking heads are saying that this would be a very bad time to raise taxes in an economy that is teetering on the edge of a very serious recession. I know that history shows us that financial panics don’t necessarily spread to become economic panics, but I remember that Gov. Romney’s prescription for a strong economy included keeping taxes low. Romney’s approach of a top down analysis of a company he was considering an investment in, is the same approach we need to take in regard to cutting the bloated federal budget. We are at the point, after the massive federal interventions in the Bear Sterns collapse and the seizure of Freddie and Fannie, that we no longer have the option of coming in the back door of these institutions with wheel barrows filled with tax payer money. We will now have to get back to the hard work of making money and running a business with the sure knowledge that if we get in a bind we can’t get out of, UNCLE SAM AIN’T COMIN’ WITH HIS CHECKBOOK!
~~John Cronin~~
http://www.marketwatch.com/news/story/lehman-files-bankruptcy-protection-historic/story.aspx?guid={50D06AF4-0AD5-4B38-8206-D4C8D6E62EC7}
Lehman files for bankruptcy protection
Wall Street titan goes under after frenzied search for buyer falls short
NEW YORK (MarketWatch) – Wall Street struggled Monday to adjust to a new industry order as Lehman Brothers’ bankruptcy filing rocked investors and pulled down financial stocks around the globe.
Lehman (LEH:)
Lehman Brothers Holdings Inc
News, chart, profile, more
Last: 0.20-3.45-94.52%
LEH 0.20, -3.45, -94.5%) on Monday filed for Chapter 11 bankruptcy protection, ending the 158-year-old Wall Street firm’s run and rattling the foundation of the global financial system.
September 15th, 2008 at 4:53 pm
Thanks for the article John!
Clearly a bad day in the stock market. Hopefully we’ll have quick rebound by the end of week with oil going down and the dollar strengthening.
Mitt would try to do a good job as Secretary of Treasury. Sadly it is the President that decides and shapes the policy not the secretary. I am sure it will be a democrat in this position under the McCain administration. McCain is on record stating that he wants many dems on his cabinet.
I personally would be disappointed to see Mitt in a cabinet position. Mitt has said it himself that he would NEVER take such a position that is so thankless and beauracratic in nature.
Romney/Jindal 2012!!!
September 15th, 2008 at 7:27 pm
McCain better announce Romney as his head economic advisor pretty soon to strengthen himself against Obama on this topic.
September 15th, 2008 at 7:38 pm
I don’t even know if Mitt would accept it. He has said repeatedly that he does not want a cabinet post. You are right about your point though, this country needs Mitt. Weren’t we just a foolish lot???
September 15th, 2008 at 7:52 pm
Just caught the end of Glenn Beck tonight. Topic – Exposed: America’s Broke – Debt, Deficits, Deceit. Excellent, excellent dialogue on nation’s financial crisis! All shows this week will be addressing this topic. Transcript of tonight’s show will be on his website tomorrow.
Next week Glenn will be discussing energy. I highly recommend everyone tune in to Glenn Beck.
September 15th, 2008 at 10:56 pm
Please read this article about Obama during his visit to Iraq this past July. This has GOT to be illegal doesn’t it? If so, then how do we get the MSM to report this?
http://www.nypost.com/seven/09152008/postopinion/opedcolumnists/obama_tried_to_stall_gis_iraq_withdrawal_129150.htm
September 16th, 2008 at 7:05 am
Why put romeny in, when you have a history of going for the lowest common factor? I think McCain would consider Huckabee before Mitt. Mitt is only good for fund raising, and using the LDS vote. I’m sorry that’ I’m so bitter about this. But I honestly think it would be a huge mistake to put Mitt over anything right now. I really do feel this is a sinkin ship all way around. Do you really want Mitt involved? It would not matter how great a job he did (and he would do an excellent job!) it it still fails after all he does, he’s the one go gets the blame.
September 16th, 2008 at 7:07 am
2tp. And yet, Beck (whom I like) is supporting the McCain/palin ticket. Sorry, were screwed all way round. Obama or McCain. At this point, I don’t think it matters much. I look for low voter turnout if things keep heading south. Everyone got their years supply?