Minyanville was correct in saying it would be one wild September in the financial markets. Luckily there has been only one Black Monday like day with the 777 point Dow drop from the Hoover Republicans and their bailout-fail-out. This is crazy a recap of what happened in September.
The government seized mortgage financing giants Fannie Mae (FNM, Fortune 500) and Freddie Mac (FRE, Fortune 500). Lehman Brothers (LEH, Fortune 500) went belly-up. Merrill Lynch (MER, Fortune 500) gave up nearly a century of independence and sold out to Bank of America (BAC, Fortune 500). AIG (AIG, Fortune 500) collapsed. Washington Mutual (WM, Fortune 500) became the biggest bank ever to fail. Wachovia (WB, Fortune 500) dumped its banking assets in a fire sale to Citigroup (C, Fortune 500).
He also forgot to add that the last two investment banks Goldman Sachs and Morgan Stanley became actual banks after almost failing. Also credit markets froze for the first time in recorded memory. We may even get an actual Black day in October depending on what happens to the bailout.
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