American Home Mortgage, America’s 10th largest mortgage lender has announced that it will shut shop effective Friday. About 7000 workers lose their jobs.
When the history of this crisis is written, this would rank as a critical milestone, not Bear Stearns, not Blacksone, not KKR.
None of those 7000 persons probably did anything to deserve this. They remain victims of the environment, and the market system, which appears to display ruthlessness at times.
Update : AHM has now effectively shut down operations. More than 7000 workers are expected to lose their jobs.
Probably unfair to the 7000 who got laid off..but what is more disheartening is that yet again the way the central banks have decided to help the BearStearns of the world in getting out of this mess. It is like not punishing the errant ones and diverting the mess to the real economy (via inflation).
why doesnt the central bank allow the bad apples to rot and die ..isnt that how capitalism should work?
the rich have their saviours ,who will save the ordinary man?.
american home mortgage
This Mortgage crisis has me kind of torn, as it occurred due to everyone’s greed, banks, investors, homeowners trying to live beyond their means etc. Should the Gov’t bail these greedy people out? I don’t know but I feel bad for people and famili…