Wow. What a weekend in the financial markets! Lehman Brothers has filed for chapter 11 bankruptcy, an emergency trading session was opened on Sunday, Bank of America is said to have struck a deal to buy Merrill Lynch, and AIG is looking at ‘options’ for business capital.
Phew. That all came out of left field eh? I mean no one could have predicted that excesses in credit markets would lead to problems like this right? That would be a feat worthy of a soothsayer, like predicting that overvalued housing markets would fall.
Fortunately for us local experts like Helmut Pastrick of the CUCBC predict that our housing market will be going up by 10 percent.. er, no.. sorry thats changed to dropping by 10%, maybe more.
Anybody have some Gravol?