Money Woes

According to Associated Press –

Lehman Brothers, a 158-year-old bank burdened by $60 billion in soured real-estate holdings, filed for federal bankruptcy protection in U.S. Bankruptcy Court after attempts to rescue firm failed. Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction. Stock markets fell precipitously and Treasury bond prices soared as investors reacted to some of the most dramatic economic news in modern U.S. history. The Dow Jones industrial average fell 300 points, though the market’s initial losses were not as steep as some investors had feared.

Barrack Obama called the news “the most serious financial crisis since the Great Depression” of the 1930s.

President George W. Bush signaled that the government would not continued to bail out Wall Street, saying only that “we are working to reduce disruptions and minimize the impact of these financial market developments on the broader economy.”

John McCain said we need more regulation in financial matters.

Jesus of Nazareth said, “Don’t collect for  yourselves treasures on earth. . .”