Monday, March 17, 2008

Lions and Tigers and Bears Stearn, oh crap!

I woke up this morning to the BBC news talking about the failure and subsequent buyout of Bear Stearns by JP Morgan.

Folks, this is serious. We should all be hiding under the covers this morning.

Pure unadulterated greed overrode common sense. The bigwigs at Bear Stearns should be bitch slapped, repeatedly.

The Fed moves in and drops the lending rate. It's at 3.25 how much lower can it actually go. How can that impact you? You'll see in the coming days. Most people who lived during the last DEPRESSION are gone or going. Do you remember the stories?

The last time a Bush was in office they looted the lending instutions then too.