I believe this financial disaster, while really is sad, is a wake up call. Where did this money come from? It was a house of cards. But what this means to me is that the US dollar will be less of a dominant force in the future. While this tragedy is worldwide, with the US government financing these bailouts – we’ll see if it can pull through, and if so – how will we move forward from then?
Sad thing, there will be massive Wall Street layoffs…and these mergers of computers (whoops, I mean banks…) will not need to hire, and those jobs will never come back. Already happened on Wall street with IT outsourcing, technology upgrades, and offshorting. And will create less choices for the consumer in a less competitive banking environment.
Hate to be doom and gloom…..but I’ve been watching Wall Street / banking industry consolidate for years and this is really what we’re witness happening now….extreme consolidation in the financial world – creating massive global banks