Wall Street has been devastated over the last few weeks with the demise of many of the leading financial institutions in the world. Fannie Mae, Freddie Mac, Bear Stearns, AIG and Merrill Lynch are the names of those who shook stock markets from New York to Hong Kong. Now leading economists are saying that there’s a recession on the horizon and possibly a depression if things aren’t worked out soon. This week the U.S. government stepped in and strategically bailed out three of the big 5, which Wall Street supported because the repercussions could have been disastrous. The private banking system in the U.S. is something I never really understood but I know what a bear market is, the only thing that can be done now is to sit back and watch what happens next on Wall Street.
The Demise of Wall Street
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