Credit Crisis :(

The fall of Lehman Brothers raises the risk of a deeper U.S. recession that engulfs a broader swath of the global economy as skittish banks around the world lock their vaults.

JPMorgan Chase bought Bear Stearns;
Bank of America absorbed Merrill Lynch;
Lehman Brothers sold for scrap after it declared bankruptcy;
Goldman Sachs & Morgan Stanley having tough times...

The market value of the top 10 foreign banking firms fell from $1090 billion to $476 billion. The market wealth of Deutsche Bank dropped by 78 per cent to $ 17.97 billion; followed by Merrill Lynch ($ 26.11 billion); USB ($ 58.93 billion); Citigroup ($ 97.80 billion); Royal Bank of Scotland ($ 62.06 billion) and Barclays PLC ($ 51.10 billion). Almost all foreign bank stock hit a 52 week low.

ICICI Bank's market value was down by 61.92 per cent; while State Bank of India's market cap fell by 45.3 per cent and HDFC Bank was down 32.66 per cent. Markets have lost confidence in the financial foundations on which investment banks are built. Financial sector analysts said that financial institutions are much more vulnerable to sudden withdrawals of liquidity or loss of confidence.

Today morning FID instructed us not to add more exposure on CITI and Barx.

Think what if every bank goes bankrupt? What if CITI & SBI goes bankrupt? I have all the savings with them. What if EBI goes bankrupt? Will I be jobless and homeless?

Its time... all banks go bankrupt and everyone will slowly realize that and there will be no value of money...