Published: Monday, 29 September 2008 16:44
New York, NY - (DNR) - If money is power, Wall Street, which has always fancied itself as more or less running the world, has been power drunk for years and is now feeling the inevitable effects of the hangover. After the bailouts of Freddie Mac, Fannie Mae and American Insurance Group, the Lehman Brothers bankruptcy, and more than a few harrowing days of near-panic selling, the Street has been forced to seek help from Washington lawmakers. Even as Washington debated a $700 billion bailout to buy up questionable mortgage debt, the Street began to wonder what they'd got themselves into, and fretted over additional and unwanted, if not unwarranted, oversight. Both Washington and Wall Street are to blame for the crisis, as are the average citizens who recklessly took on more debt than they could reasonably manage. How well the politicians and the bankers will fare in fixing the mess they made will most likely remain an open question for some time.