Wanna understand where it all started? I found this article by Carol Musyoki which was published in the Business Daily of Monday March 2, 2009 interesting and easily dissects the chronology of the melt down ...
Forty-year-old David Thomson, a librarian at the Fort Lauderdale Public Library, slowly shuts the door of his three-bedroom bungalow for the last time. The house, in a largely middle class suburb of Fort Lauderdale City, has been home to him, his wife and two children for the last five years. Behind him, the CTS Bank official is nailing a Foreclosed sign on the front lawn.
The Thomson family immediately becomes a statistic: one family out of the 1.2 million residential home foreclosures so far in 2008. 3,000 miles away on Wall Street, Bryant Weill, a hedge fund manager at Bear Stearns, shuts the door to his corner office for the last time following the financial collapse of the 80- year -old firm. He drives back to his $1 million mortgage-free home in his S-Class Mercedes Benz to tell his wife that he is now jobless. David and Bryant have never met each other in their lifetimes and probably never will, but their lives are inextricably intertwined in a financial web that has almost brought the global financial wheels to a halt.
Let us work out what happened here. Read More
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