As I write,it is 9:30 PM EST.Lehman Brothers,one of Wall Street’s most venerable powerhouses has declared itself bankrupt and sought protection.Merrill Lynch another big fish in the ocean has acceded to a shot gun wedding with Bank of America.AIG is close to breakup and word is that Morgan Stanley and Goldman Sachs are also on the verge of bankruptcy in what Professor Roubini has called a systemic crisis.
From the news trickling out today, it appears a wholesale bloodbath can be expected on Wall Street tomorrow.
The collapse of the American model of capitalism will be more cataclysmic to the world than the breakup of the Soviet Union.
It portends the end of US hegemony around the world.
No one can put humpty dumpty back together again.
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