Today Monday, September 15, 2008 might just mark the tipping point of the United States economy. In a shocking over night development Lehman Brothers, a global financial services firm, announced that they will be filling for Chapter 11 Bankruptcy, listing it had debts of over $600 billion. Lehman shared headlines with Merrill Lynch, another popular financial services firm, which will be bought out by Bank of America for a deal worth $50 billion. America International Group seem to have been saved by the Federal Government. Seeking a $40 billion loan from the Federal Reserve caused A.I.G stock to plummet over 50%, making today one of the most historic day’s in Wall Street history. Read the full stories below.
Across the nation – Houston is still suffering from the remains of Hurricane Ike, which devastated the region this past weekend. Gas prices soared today in Texas as the need for gas in the Houston area is rising. Journalist earlier this morning on CNN reported that the average wait time at the pump was four hours. So far over 2,000 people have been rescued, and there have been 15 deaths since Ike’s U.S. landfall. Ike’s damaged over nine states leaving possibly over $16 billion in Texas alone.
– Jose Silva