Crisis on Wall Street

Is the United States heading for a depression as 2008 comes to an end? Will the in coming administration shelter us from heading to a recession?

Today Wall Street faces three upsets, Lehman Brothers, the 158-year-old investment bank, is in liquidation; Merrill Lynch, one of the world’s most recognizable brokerage brands, has been sold rival Bank of America for $50 billion and one of the world’s largest insurance companies, American International Group is bracing for a sharp decline in its stock price. So what does all this mean to us?

The American economy is not at its very best right now and with Wall Street taking a major hit like this; it only means the worst is yet to come. Jobs have already been lost, more will be lost. Spending is not at a high and it sure doesn’t look like it will increase. The American people are getting poor, whether they choose to believe it or not. The rich are slowly taking the place of middle class and the middle class are taking the place of the poor and well the poor, they will continue to struggle, if something doesn’t change.

What will the incoming administration do to fix this problem and bring America back to the super power they once were? Will we finally drill for ourselves or keep spending the mass amounts of money on a never ending war. Well come January 20th 2009, the stage will be set and whomever takes office will have a heck of an economic job to do.