Dollar Collapse - America, A Country Living On IOU's - Peter Schiff -Part 1 - America Is Finished

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Peter Schiff explains how America is a consumer based economy. We are giving the world worthless paper to buy Plasma Television Sets and SUV's. Freddie Fannie Mae Bailout. Lehman Brothers Holdings Inc. and Merrill Lynch & Co. NEW YORK - A stunning makeover of the Wall Street landscape sent stocks falling precipitously Monday, with the Dow Jones industrials losing 500 points in their worst slide since the September 2001 terrorist attacks. Investors recoiled after a shakeup of the financial industry that took out two storied names: Lehman Brothers Holdings Inc. and Merrill Lynch & Co. The pullback, which erased about $700 billion in shareholder wealth, occurred across much of the globe as investors absorbed Lehman's bankruptcy filing and what was essentially a forced sale of Merrill Lynch to Bank of America for $50 billion in stock. While those companies' situations had reached some resolution, the market remained anxious about American International Group Inc., which is seeking funding to shore up its balance sheet. A faltering of the world's largest insurance company likely would have implications far beyond that of Lehman, already the largest U.S. bankruptcy in terms of assets.

Category: News
Uploaded: September 16th, 2008 @ 1:28 am
Author: ArchaicRevivalx2012

Length: 06:08
Rating: Whole StarWhole StarWhole StarWhole StarWhole Star
Views: 15,688

Tags: bailout brothers collapse depression dollar fannie freddie great holdings inc lehman lynch mae merrill peter schiff

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