The Meltdown

The fire is burning in Wall Street and engulfing one investment firm after another. It seems so much like a raging forest fire which can not be controlled till it burns deep into the financial firm's assets and individual's pockets. As all man made crisis, this was created by man himself through his greed. The fall of the Titan - Lehman can also be accounted as greed. While no one took an extra step to pull it through, they are ready to bid on cheap assets to see if they benefit by it at a later time.

All this news has left me in disbelief. Too many things happened over the weekend, shaking the Wall Street to its core. I feel sad for a firm which was able to pull through 3 or 4 crisis in its 158 years regime but had to succumb to the sub prime mortgage crisis. Actually it could have been any firm, it is unfortunate that it had to be Lehman. I wonder if there could have been any other alternative. Government did not back them up as taxpayers have already incurred enough debt from Bear Sterns, Fannie Mae and Freddie Mac . All agree that this is one in a millennium crisis and rules of crisis are different from the norm. Could a pool of money from all the giant firms and individual investors like Warren Buffet helped in keeping the company afloat? Of course, with so many players potential of falling along the way, the possibility of rescuing each one of them is bleak. What ever it is, Wall Street doesn't seem to have the same ring in its name - the buzz is gone.