Bear Stearns in Mary Poppins Moment.
I realize that not all bloggers are news junkies like I am. This weekend, the 85 year old, venerable Bear Stearns came to the brink of collapse, due to the credit crisis.
The Federal Reserve has propped them up and then they were purchased for a mere $2.00 a share by JP Morgan, in an emergency buyout that had to take place in one weekend, before the Asia markets opened today. A year ago, Bear Stearns was trading at $170 a share.
America's economy is cracking, friends. Tippy toppy tuppance teetering. And there ain't no Mary Poppins to work her magic.
The Federal Reserve has propped them up and then they were purchased for a mere $2.00 a share by JP Morgan, in an emergency buyout that had to take place in one weekend, before the Asia markets opened today. A year ago, Bear Stearns was trading at $170 a share.
America's economy is cracking, friends. Tippy toppy tuppance teetering. And there ain't no Mary Poppins to work her magic.
8 comments:
I've been following this on the news here - the last time the American government bailed out a bank was right before the depression of 1930.
I think things are going to get a whole lot worse before they get any better.
I've been thinking about this all morning, too. Wondering what this era's "depression" will look like...I truly think one is coming. Frightening.
Buy stock in Lilly.... PROZAC. People will be chomping Prozac like Certs. I think many Americans under the age of 50 are ill prepared for any real adversity, suffering or sacrifice. Liquor, buy stock in liquor companies too.
Yep, scary stuff. Hubby called me this morning to give him account numbers for various trading accounts he has. We don't have any Bear Stearns, thank goodness, but Hubby was moving things around anyway, as one stock we have was moving down a bit too much.
I'm not looking forward to a "recession" or a depression. Shoebox full of cash? Sounds good to me!
I agree get the shoebox or start stuffing the mattress.
Those that say dont touch those 401ks well why not as you watch your retirement $$ get smaller and smaller. What are they going to say when its all bottomed out?
No, no, everything's just fine. There will be peace in the Middle East. Trickle-down economics does work. We are winning the war in Iraq. And I'm from FEMA, and I'm here to help you.
If we can't laugh, we'll all be crying.
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