A Worried World

Last week was an emotional one in the financial world,and that emotion spilled over into the general public.Federal Reserve Chairman Ben Bernanke's face was ashen and etched with cares.He had never looked so concerned.The U.S. central banker looked as though he bore the world on his shoulders.Indeed,he and his colleagues at the Treasury department and Securities and Exchange Commission did.The President of the Federal Reserve Bank of New York,Timothy Geithner,has worked very hard behind the scenes.President Bush has stayed informed and made statements,but delegated details to experts such as Mr.Geithner.More than a few eyes misted over last week,touched by the huge events they were witnessing.Art Cashin of UBS,who works at the New York Stock Exchange,said there was a sense of general fear in the air.We've never seen a series of institutions disappear rapidly;there were isolated instances in the past.This has been a great place,and I feel badly for those laid off and their families-and I miss many of them.We may be morphing into a whole new financial world.The world I knew is changing,and I doubt if it will ever come exactly back,the distinguished Wall Street veteran lamented.