That Was the Week That Was

It’s a grim list. The six big events of the week, and four are downright scary. The question being asked about Morgan Stanley now is “will it or won’t it survive.” In Iceland, “In the space of a few days, practically the entire banking system has been seized by the government.” The Royal Bank of Scotland’s share price is down 80% in a year. And the bailout? “Investors have gone from calling for the rescue plan to believing it won’t be able to contain the crisis. And that fear has the Treasury considering other measures and is leading to calls for the government to nationalize the banking system.” That’s how black the world looks from Wall Street right now.