It's tough not to feel at least a little alarmed at the near panic that is shaking even the most venerable Wall Street firms.
The news yesterday that Lehman Brothers is filing for bankruptcy and Merrill Lynch, the city's pension fund advisor, is selling itself to Bank of America to avoid more turmoil can't help shaking confidence in an already iffy economy.
But is this merely the correction for a misguided bet on bad mortgages by some dumb financial pros or is it something deeper and more worrisome?
I sure don't know the answer.
As a reporter working for a newspaper company whose stock is bouncing around at a penny or two a share, I do know that I feel slightly better now that I can say my company is more solid than Lehman Brothers.
Still, there is an uneasy feeling that the ground we all stand on is nowhere near as firm as we'd like anymore.
Copyright 2008. All rights reserved.
Contact Steve Collins at firstname.lastname@example.org