Another Big Investment Bank Bites the Dust

News & Politics

The sub-prime mortgage crisis apparently has another big victim on Wall Street. The Washington Post is reporting that the federal reserve will help sell Lehman Brothers, one of the country’s largest investment banks. Just days ago, the Treasury Department announced a government-backed takeover of Fannie Mae and Freddie Mac, which holds half of the U.S. home mortgages. The impending demise of Lehman Brothers has been rumored for month, but the ripples will be felt throughout the economy -- not just on Wall Street -- as access to loans and credit generally tightens for all borrowers. The larger question is at what point do today’s banking failures rival the Great Depression of the 1920s and early 1930s? The answer to that question arguably is more important than whether GOP vice-presidential candidate, Sarah Palin, is wearing lipstick.

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ }}
@2022 - AlterNet Media Inc. All Rights Reserved. - "Poynter" fonts provided by