The Lehman Brothers collapse is very sad.

With another Black Monday, the collapse of U.S investment bank Lehman Brothers is very sad. Consumption in New York and London will be hit by the loss of highly-paid jobs. For instance, New Labour has enjoyed a nice tax take from the City of London, so we will be all affected. There might be some schadenfreude about these guys losing their jobs but there will be ripples affecting everybody.
I suppose one positive aspect is that creative destruction is part of capitalism but is a bit painful to watch. Halifax (HBOS) shares are getting a right kicking today (15/9/08) and I think the fundamentals cannot justify such volatile trading. I did hold Halifax shares years ago but I sold them since I needed the money. There is a City adage of "never catch a falling knife" so I would wait before buying. That is just an uninformed opinion. The City tried to get some bid rumours going with the idea that the Spanish bank BBVA would be interested in the
northern institution. It is going at £2.29 per share at the moment.
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