U.S. Treasury Secretary Henry “Hank” Paulson on Sunday, September 14 declared: "no more federal bailouts."
Meanwhile, American International Group (AIG) is desperately seeking a buyer, venerable Merrill Lynch has been taken over by Bank of America and Lehman Brothers has declared bankruptcy. The CEO's will probably do very nicely, only their pride will suffer real consequences. Meanwhile, thousands of families are just realizing that someone has stolen their cow.
The New York Times chronicles some of the personal fall-out “I’ll have to figure something out before I run into money problems. What about you?” one man asked a colleague, who sat slumped in his chair, sneakers kicked up on a table. “What will you do then?” one woman asked another. “I guess, go back to school?” came the uncertain reply.