Some of the best online explanations of why the financial world is currently going to hell. These are the clearest, cleanest descriptions I’ve found so far of what’s going on with the financial crisis: how it started, how it got this bad, and what it might mean. Please add links you’ve found helpful.
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With a new bank sparking fears of collapse almost daily, the stock market on a steady downward trend, and oil prices soaring, the financial industry flutters like an Autumn leaf in apocalyptic winds (sigh). After Bear Stearns went under in March, with the exception of Goldman Sachs, it now seems that no major bank is safe from the long reach of bad credit. In the red corner, heavy-hitters Lehman Brothers, Merrill Lynch, and UBS are all making news headlines as, in the blue corner, investors question the possibility of collapse in light of disappearing profits. With so much speculation and indecisiveness, I think it’s safe to say that nobody really knows what will happen. Shit has been hitting the fan, shit is still hitting the fan, will shit continue to hit the fan?
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An unemployed banker has taken to the streets of Manhattan sporting a sign with the message, “Experienced MIT Graduate for Hire.” Joshua Persky, who worked as an investment banking consultant before being downsized six months ago, was marketing his talents in front of the Charles Schwab building at 50th and Park earlier this week…(sigh) Just another casualty of the apocalyptic credit market crunch. Employers: Keep your eye out for him during your lunch break-He’ll be out there all week.
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