GM Chief Executive Officer Fritz Henderson has said bankruptcy is the "probable" outcome of the company's financial difficulties.
36 US Banks have closed their doors.
And the meltdown saga continues.
Those that suffer are the 6-17% so far left unemployed whichever country you reside.
What happened? Someone, somewhere must have had their finger on the button and did nothing.
September 15 marks Lehman day, the day the world first knew of the demise from Lehman Brothers.
And the world was aghast! While the world boasted of huge profits and GDP Growth, the silent majority suffered with lack of knowledge of the 'real picture' = that of spiralling debt and defaults.
Billionaire financier, George Sores, has been quoted as describing the last twenty five years as "a fool's paradise".
I tend to agree.
The world screams cuts in taxes and spending.
And the world comes to a halt.
In Australia, they scream of the massive future debt being encumbered upon future generations after years of debt free living (by governments) whilst private debt soared.
My belief is in unison with the following quote to The Australian Newspaper editoral submissions: I'd rather have infrastructure with years of debt than years of boom with nothing to show for it.
"Years of boom with nothing to show for it" defines the last decade of greed and inefficient control.
The world spun on a giddying cycle of "cowboy" mentality and now it has grounded to a halt sending with it all the debris of thinly disguised "profits" creating the biggest meltdown in 70 years.
Global socialisation has reared unexpectedly because "they were too big to fail".
It was the meltdown we had to have.
We all knew it was coming.
But we stood back and were unwilling or unable to stop it happening.
It will clear away the garbage and open up the portals to a brave new world.
I personally look forward to that future.