Monday, September 15, 2008

Blood on the Street
Lehman Brothers is filing for bankruptcy and several other Wall Street firms and banks are on the verge of collapse. Of course this means that prices for one bedroom apartments in Manhattan will soon fall to just below $5 million.

A big reason for the collapse, is that every major banking investment in the past few years has been tied to real estate. Wall Street hasn't been this poorly diversified since J.P. Morgan had only one mistress in 1904.

Several experts say they can't figure out just how leveraged the major Wall Street firms are right now... which is kind of like saying it's hard to do an autopsy on a suicide case.

Oil is down $5 barrel, mostly because about 10,000 brokers who usually drive to the Hamptons every weekend are staying home for the next few months.

Ike Aftermath
Several news organizations are running video of Hurricane Ike victims, desperately clinging to whatever belongings they can carry... it's kind of like the scene in the lobby at Lehman Brothers.

As bad as it is in Texas, it could have been worse. The most injured people in the Hurricane's path are Anderson Cooper, who lost his Prada bag, and Geraldo Rivera's moustache suffered third degree wind damage.


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