Peter Cat blogs

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The wall street equivalence of doomsday is here.

Dark clouds strewing across Wall Street as news of the collapses of financial giants follow in tandem, with no end in sight (started by the subprime led credit crunch). News of bankers sobbing over their starbucks coffee after the Lehman Brothers filed for bankrupcy protection came swiftly, and this may just be the start of the domino effect many feared. The ramifications unknown.

Queues form outside AIA in Singapore and in Hong Kong, in accordance to reports as policyholders race against time to get their money back. Faith is lost, perhaps forever. Even with a 85billion injection into the insurance giant, will anyone in the distant future buy another AIA/AIG/AHA policy? (I quiver holding mine now)

Stephen King quips ‘There is nothing to fear but fear itself’ may apply to most incidences in life, like skeletons in the closet, monsters under the bed, malicious female ghosts crawling out of your TV set and your overactive imagination after a buffet of dieting drugs. But is fear over-rated in this case?

In my opinion, this heralds the end of an era for America and the world’s view of America. Changes will come, and they will come swiftly. The hobbit has tossed the ring into the burning magma. We just have to wait it out, to wait and see.