As I write, Huffingtonpost is already displaying list of things which are cheaper then a Citibank share, this news is very very depressing to all of us as the pioneers of capitalism have come to such a cataclysmic grinding halt. Who would have imagined pillars of capitalism Bear Stearn's Lehman Bros. Merill Lynch would be victim of sheer greed. I am pretty sure that Vikram Pandit and his gang is up late nights trying to save citi from its complete annihilation,
Having said that all is not well in the heartland of economy, people are depressed due to lack of jobs, executives forced to janitorial jobs and food banks flooded with people driving in their SUV's shows clearly how bad times are. There is a increasing number of parents who are bringing their kids back to live in their basement, savings have increased to average rate of 5% highest since 1995 bankruptcy filing up 31%. However there is a silver lining....with news coming in today that huge reduction in the applicants for jobless benefits by up to 30,000 less, Walmart having surge in sale of 5.1 % regulators reducing tough regulations to help money flow in the inter banking loan...these indicators make may people on CNBC predict that there might be 100% jump in the share value of some financial institutions well as much as skeptical I am, sincerely wish it becomes true.
With such pessimistic numbers coming out in just one day .... I leave you with a dose of comedy by Jon Stewart who sums up his frustration on Rick Santelli and CNBC in one word F**K you..here is the video.
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