Lehman Brothers and Merrill Lynch Freak OUT

“The venerable Lehman Brothers investment bank said early Monday that it will file for bankruptcy, while Bank of America unveiled plans to buy Merrill Lynch — two pieces of news that profoundly alter the American financial landscape.”

In case you’re just waking up, Wall Street is going through some major changes. Nevermind that Ike is causing oil prices to jump up yet again, two huge investment banks, both of which came through the 1930’s Depression, are in the process of folding. While Merrill Lynch may be finding new life under Bank of America, Lehman Brothers, which is 158 years old, is closing it’s doors for good.

What does this mean for you? Well, that remains to be seen. All eyes will be watching Wall Street today, hoping and praying that other stocks will stay strong in the wake of such monumental financial crumblings. It’s not news that our economy is currently shaky at best, and it may be too early to tell how exactly these two recent foldings will effect people’s wallets.

Let’s just think positively. And maybe…skip that latte this morning.