Another Fundamentally Strong Morning On Wall Street

Why does Wall Street hate the American worker?

In another unnerving day for Wall Street, investors suffered their worst losses since the terrorist attacks of 2001, and government officials raced to prevent the financial crisis from spreading.

Trading opened sharply down Monday morning, and the mood later turned even gloomier, despite efforts by President Bush and Treasury Secretary Henry M. Paulson Jr., in separate appearances at the White House, to reassure markets that Wall Street’s deepening problems would not weaken an already anemic economy.

Huh. I can’t believe trotting Bush out there to say "we’re cool" didn’t work. 

With time running out on it’s finances, American International Group continues to plead for assistance in a meeting at the Federal Reserve Bank of New York.

Scrambling to raise as much as $75 billion in capital, the giant insurer needs either a bridge loan from the Fed itself or from a lending pool organized by a consortium of banks.

And if AIG goes down, it’s gonna be ugly. Dude, where’s my recession?

The S&P 500 posted the steepest drop since the September 2001 terrorist attacks and stocks erased more than $600 billion of value yesterday after Lehman Brothers Holdings Inc.’s bankruptcy spurred speculation that credit-market losses may push the U.S. into a recession.

Fear not. Help is on the way!

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