Blood on Wall Street

Lehmans bust, blue chip Merrills sold to a retail bank, AIG begging the Treasury for $40 billion. Creative destruction on a mega-scale. Lehmans deserved to go to the wall, tough on the employees, c’est la vie.

Capitalism is a system of profit and loss. Nobody should be too big to fail. Wall Street will figure out a way of making money again. Capitalism in crisis? Don’t count on it, there will be new fortunes made clearing up the mess. Meantime, gold looks due a bounce…

UPDATE : Guido’s co-conspirator in Canary Wharf reminds us that Lehman’s offices were cursed opened by Chancellor Gordon Brown only a few years ago.




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Quote of the Day

Theresa May tells Bercow:

“Mr Speaker-elect, can I congratulate you on your re-election. At least someone got a landslide.”

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