More Financial Issues
September 14th, 2008 by
Senior Editor: Jeff
Frantic Day on Wall Street as Banks Teeter:
Coming just a week after the government took control of mortgage lenders Fannie Mae and Freddie Mac, the magnitude of the industry’s reshaping is staggering: two of the most powerful firms on Wall Street, Merrill Lynch and Lehman, will disappear.
I hope those out there who have exposure to financial stocks took last week’s uptick as an opportunity to exit those positions. The rest of the year is looking grim for financials, which in turn will affect the broader stock market. On the other hand, next year will probably present great buying opportunities.
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Commentary, Finance |
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