By Michael Solomon
Where is Stefan Banic when we need him? For those of you who do not know who Stefan Banic (1870-1941) was, he invented the parachute. We really could have used him on Wall Street this past week. A soft landing is what the economy needed, but it did not come.
This week’s meltdown on Wall Street, with Lehman Brothers declaring bankruptcy, Merrill Lynch being purchased by Bank of America and AIG looking for a bailout, recalls an earlier time in U.S. financial history. The failure of Lehman Brothers may only be the early stages of who is next.
However, where should the blame lie? Listening to Barack Obama speak this morning, I was dismayed when I heard him blame Ronald Reagan for loosening the restrictions on the Savings and Loan institutions. Someone on his staff had said remember the Keating-Five. Wow! Does he have it wrong! I wonder who writes his material. This is just another example of someone who is not ready to lead. If he did his homework instead of allowing his staff to lead him by the nose and continue to align John McCain with George Bush, he would have learned the following facts.
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