The news for the economy gets dire by the day. Gone are the heady days when the Dow Jones was 14000. As of yesterdays close, the Dow Jones was below 6600, the lowest it has been in 12 years. The last 15 months have changes the face of Wall Street: Lehman Brothers bankrupt, Bear Sterns and Merrill Lynch acquired by other companies, the once giant insurance company AIG hanging on by a thread with billions of dollars in taxpayers baliout and the once behemoth among banks CitiBank virtually on the brink.
Now the question is how did we get here and why did so many so called smart minds on Wall Street and 24/7 business news channels not anticipate it? Jon Stewart provides his take on how one 24/7 business news channel failed to do its job and keep Wall Street honest.
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