Can someone explain in simple terms what has happened in banking tonight?

[sdzman]

I wonder who will be next? BS will not be the only company to be worth pennies on ther dollar before all of this shakes out.

This in a nutshell answers the question "How can one company affect the market so much". BS was a very solid company and if they can fail anyone else can. Now there is a difference between companies that trade products and those that deal only in money but this darkens the clouds already looming over the market and the economy.

 

[DVC Sadie]

This in a nutshell answers the question "How can one company affect the market so much". BS was a very solid company and if they can fail anyone else can. Now there is a difference between companies that trade products and those that deal only in money but this darkens the clouds already looming over the market and the economy.

Thats what scares the beejeesus out of me. My dh tells me "not to worry" and yet I can't help myself. I worry about all the money in everyones 401k accounts and what will happen tomorrow when Lehman Brothers and Goldman Sachs report on their companies.

 

[eliza61]

Evidently Oil prices took a tumble today so maybe this will have a side effect of lower gas prices. One can dream.