Ok, maybe it was more like 48 hours, but for a company with over 800 BILLION dollars in assets, it seems like an instant to me. I mean, what the heck just happened? Apparently, someone in the press or on Wall Street said, "Gee, maybe Wachovia will be next." and just like that, people started pulling their money out of the bank.
Doesn't anybody operate on fact these days? Does everyone only honestly listen to rumor and speculation? Have we become a nation of gossips - to the point where ir runs our lives? Does anyone do their own research, make thoughtful decisions, consider the options, read the news? How about even LISTEN to the news?
Granted, things have become incredibly completed in our financial lives. So much so that many of us would rather do something that is mind numbing than attempt to understand the financial implications of of our financial choices - everything from where our savings account is to where our investment accounts are. But seriously folks - speculation and rumors are causing good institutions to fail, and the ripple affects on our economy are very scary.
We are having leftovers tonight for dinner. How about you?