In Other News, Wall Street is Collapsing

Everyone here is dealing with Ike, but just to give you something else to worry about as you wait on line for ice -- Wall Street had a disaster of its own over the weekend.

Big companies went bankrupt, meetings were held, etc. etc.

As Slate put it in its summary of today's papers:

The NYT says Sunday was "one of the most dramatic days in Wall Street's history" that will "reshape the landscape of American finance." The WSJ agrees and notes that the "American financial system was shaken to its core" yesterday, an assessment that is easily backed up by all the panicked statements from Wall Street insiders, who are bracing for bad news when the markets open today. "These are the most extraordinary events I've ever seen," said the co-founder of the private equity firm the Blackstone Group. "We are in a hysteria," a banking analyst tells USAT. "This is frightening as hell," another analyst summarizes to the LAT.

Sounds great.

On the other hand, we're just looking for some ice.

-- Richard Connelly


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