For anyone dismissing the significance of the massive losses on Wall Street, a few amazing historical references are popping out this week. We may hear more similar stories but this speaks volumes about just how badly mismanaged the US economy has been during the Greenspan/Bush years. This is disgraceful, at a minimum.
- Morgan Stanley posts first ever quarterly loss. The company has been in business for 72 years.
- Bear Stearns has reported its first ever loss in 84 years. Even during the Great Depression, they did not report losses.
