It is the biggest reshaping of the financial industry since the Great Depression. Two of Wall Street's most storied firms, Merrill Lynch & Co. and Lehman Brothers Holdings Inc., headed toward extinction.Lehman,which was founded 158 years ago,filed for Chapter 11 bankruptcy protection after failing to find a buyer. Merrill Lynch, 94years old and also based in New York, agreed to sell itself to Bank of America Corp. for $50 billion in an emergency deal.
The wheel of time is moving and it is going to end the old order.Indian economy will certainly suffer from this churning, but ultimately emerging economies are going to be the winners.So, I am quite optimistic about our economic growth and I hope,in the new emerging scenario, India will become the new super economic leader.I caution my readers,it is really very bad time for the equities worldwide.Although crude is trading below 100$ per barrel and inflation figure is promising to come down under 10,We might go to retest recent lows,as I told in my may month blog,Nifty could touch 3500 and Sensex ,around 11000.
