Monday, September 15, 2008

The word for the day is "ouchy"

posted by The Vidiot @ 8:10 AM Permalink

As many of you already know, Bank of America is buying Merrill Lynch, Lehman has declared bankruptcy and AIG is looking for a handout.

What does it mean for the proletariat? Well, a lot of our retirement funds are tied up in these guys, either directly or through various monetary instruments, so those are definitely going to take a hit. Not to mention any Federal Bank money that is used to help these big guys will be paid for by us, the US taxpayer either through an increase in taxes or inflation. But here's one thing I hadn't considered (from a friend who works on Wall Street):
funds aside, this much loss of tax revenue is going to cause serious issues in the tri-state area



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