Morgan Stanley & Goldman Sachs Taking a Hit

This appears to be another titanic disaster with Captains Bush and McCain asleep at the deregulation switch (nothing new for either). And like the mighty ship that went down, those in thw working and middle class won't have any lifeboats available. I'm wondering when Chinese takeout will come when the PRC calls in their Iraq war bonds.

Or, it could be the possibility of socialist president Obama is spooking the market. The market does not look back. It looks forward. Sadly, it might be discounting the future Obama's presidency.

Again, I must say Ron Paul correctly predicted this mess. Too bad he isn't still in the running.

QUIT WHINING! IT'S ONLY A MENTAL STOCK MARKET CRASH.

It's all in your head.

OBAMA = CHANGE

McCAIN = CHUMP CHANGE

After the last 8 years, ONLY A CHUMP WOULD VOTE REPUB.

OBAMA SURGES AHEAD IN THE POLLS.

See, Johnny?

HONESTY IS THE BEST POLICY.

OBAMA = LEADER

McCAIN = LIAR

I can't believe that idiot that said the markets don't look back they look forward. This greed and subprime mess due to deregulation came from the past bad practices and it's not only rippling in the present but also the future. God forbid if Bush and McCain would have gotten their desire to put our Social Security benefits in these very companies that are tanking now and the taxpayers have to bail out even though they lost our investments for our retirements (401k's). We get hit multiple times while the CEOs and fat catters smile all the way to the bank. Where in the hell is the republican indignation of balanced budgets, a stronger military and smaller government. Liars, crooks and hypocrites! Unfortunately I bought into the hype. Never again. Fool me once.....

You guys who think the subprime mess is Bush's fault, check your facts. The bulk of subprime lending began under the low rates/deregulation that Greenspan initiated. Guys like Schiller totally predicted this would happen, but the idea that banks could easily liquidate their risky debt by packaging loans and selling to larger banks or hedge funds is shortlived and killed our economy. There are many Greenspan lovers out there that would love to blame this all on Bush, but these loans and policies began under Clinton's Treasury Secretary and Alan Greenspan's theories.

Ian , dont try to spin this into any kind of a democratically created problem. quit trying to pass the buck as well ,the republican agenda of corporations first and everything else is insignificant as well as bush ,his personal agenda ,ie; his fat cat appeasing policies , are to blame for this mess mostly .

greenspan is a republican and thats that.
most of the fed are and have been republicans for decades now.

go check your facts too ,ronald reagan and his repub led administration way back when initiated most of the deregulation of the financial sector that is coming home to roost daily now.

Not to fear McCain & Palin think the fundementals of our economy are strong, your only having a mental recession with a mental melt down on Wall Street according to the "SNOW JOB EXPRESS".

You really can't blame Bush or the politicians (I tend to be Democrat so don't think I'm defending him!) but the real situation is that everyone in the financial world forgot that what is borrowed has to be paid back sometime. And not only the financial world - the real world of people too, when some folk bought three or four houses with nothing down, oh yes intending to pay for them some time in the future when they sold them for a fortune and had money left over! - BUT - the chickens came home to roost too soon. What riles me is the huge salaries and bonuses of the CEOs of all these companies who are paid unearthly salaries for presiding over a pretty bad mudslide. In the meantime, no need to panic just because the world will never be the same again!!!! Adaptability is the chief criterion of intelligence.

Helen,

Nice to see someone here who can talk in complete sentences.

Business is only doing what the government let them do, which is crappy of them, but it's how business often works. The government let them do it because they were pandering for votes AS USUAL because they're idiots.

We do need to restore the legislation, in place since the Great Depression, which was removed in 1999. Put it back. NOW.

Congress needs to be slapped and slapped hard. They have no business meddling in what they don't understand just to get votes. They should be forced to use professional resources for decisions--ie. financial for financial issues, scientists for science issues, etc. Congressman typically can't beat their way out of a paper bag if the topic isn't lunch or legal talk.

Perhaps it should be made a legal requirement that firms of all kinds should have to report what CEOs make total--cash, benefits, stock options, etc.

And then again, there sits Bill Gates, the richest of them all. Do people really care? I'm using Microsoft products are you?