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When you ask the man on the street about the most memorable time in history he lived through, you would expect an answer like the tragedy on 9/11/2001. Perhaps their second most memorable will be the economic collapse we are witnessing.

For Wall Street, the unprecedented events in the financial world this week have put in perspective by a hardened world. The news over these last few weeks has reshaped the financial services industry forever. Major firms like Lehman Brothers went bankrupt while others like Fannie Mae,Freddie Mac and AIG wound up in government hands. While huge banks like WAMU were merged into stronger banks like JP MORGAN CHASE. Whose left?

This week congress is expected to again revise a bill to help bail out and re-capitalize our financial system. Newspapers throughout the world report of similar collapses of foreign banks.

While these events could sink our economic system I am hopeful it will instill in all of us the great survival we all witness during the 9/11 tragedy. The best and the brightest will emerge with new ideas and solutions will come.

This is the beginning of a long process of recovery but, each day many of these revelations have been swiftly handled with the result stronger bonds that will be harder to break the next time.
We will follow these events closely and comment further over the next few months. Keep in touch and let us know whats on your mind.

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Tags: bailout, congress, economic meltdown, economy, lee rosenberg, personal finance

About the Author: Lee Rosenberg is the Co-founder of ARS Financial Services, Inc. As a Certified Financial Planner with more than 34 years of solid financial expertise. Lee is a registered representative of Cadaret, Grant & Co., Inc. He was also named one of the top 25 Independent Financial Advisers in the US by Rep magazine.

This entry was posted on Wednesday, October 1st, 2008 at 9:38 am and is filed under Personal Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.