https://pjmedia.com/rogerkimball/2008/09/18/obama-and-desperation-an-analogy-from-wall-street/feed/PJ Media is a leading news site covering culture, politics, faith, homeland security, and more. Our reporters and columnists provide original, in-depth analysis from a variety of perspectives.en-usWed, 10 Jun 2026 23:24:39 -0400<![CDATA[Is what happened to Merrill Lynch and Lehman Brothers now happening to the Obama Campaign? Last January, John Thain, CEO of Merrill Lynch, was part of the upbeat &#8220;Yes We Can&#8221; chorus, telling investors in a conference call that &#8220;We have great, long-term prospects. As I look out into 2008, I am very optimistic about our ability to perform for our shareholders.&#8221; It turns out, though, that the oceans of red ink did not stop rising when Obama was nominated. Let&#8217;s see, in January 2008, Merrill stock was trading in the low 50s (down from nearly 100 the year before). Now its in the 20s, and this past Monday, swamped by debt, the venerable house of Merrill Lynch was bought by Bank of America. Turns out there was a hollowness at the center of Mr. Thain&#8217;s optimism. Like the city of Oakland according to Gertrude Stein, there was no there there. The promised prosperity was fabricated on empty rhetoric. And when it began to unravel, it unraveled fast.]]>Thu, 18 Sep 2008 06:30:50 -0400<![CDATA[Roger Kimball]]>https://pjmedia.com/roger-kimball/2008/09/18/obama-and-desperation-an-analogy-from-wall-street-n115216