Well, not really. My bank of nearly 40 years, National City, now sleeps with the fishes. So it goes. I guess that happens when management decides to swim with the mortgage sharks. Unfortunately, thousands of National City employees are now going to be looking for new jobs during what is certain to be a long and devastating recession. Note to W. It’s a recession!
Wonder if Alan Greenspan finds that at all shocking. The “Maestro” is now conducting a new tune — telling members of Congress last week that he was “in a state of shocked disbelief” that the Captains of Industry and Finance couldn’t self-regulate with billions of dollars at stake.
What a hoot. He was the conductor of the nation’s economy for 18 years. And he’s shocked? Oh, well.
Apparently he never watched the great film Casablanca. That might have been more helpful to the Maestro than all the economic and finance textbooks he apparently poured over — without gaining much of any insight into human conduct or ethical behavior.
And the stock markets in Asia tanked again Monday, with indexes in Japan reaching 26-year lows. Wall Street futures are down 4 percent before the opening bell. General Motors and Chrysler are meeting to try to avoid bankruptcy, even though a merger could mean the loss of thousands of good-paying manufacturing jobs in Ohio and elsewhere.