Friday, March 14, 2008

"We've only just begun!" (Karen Carpenter)

From the AssociatedPress comes the following story this Friday afternoon:

"NEW YORK (AP) - Bear Stearns Cos., one of the most venerable names on
Wall Street, turned to a rival bank and the federal government for a
last-minute bailout Friday to prevent it from collapsing.
The Federal
Reserve responded swiftly to pleas from Bear Stearns that its coffers
had "significantly deteriorated" within a 24 hour period as rumors about
the bank's situation fueled the Wall Street version of a run on
the bank.
Central bankers tapped a rarely used Depression-era provision to provide
loans, and said they were ready to provide extra resources to combat an
erosion of confidence in America's biggest financial institutions."

When president Bush recognizes the economy's "going through a tough time"
one better start to worry. That's what he admitted for the second time this
week. Today he confessed it to The Economic Club of New York. For Bush to
be telling an economic club that, it must be a little like parents listening
to their 14 year old confess he stole the family credit cards, borrowed the
family sedan, maxed out those cards and wrecked the car!

(As the Bush article points out, "Economic worries have replaced the Iraq war
as the No. 1 concern of voters in this presidential election year." Dada note:
Like there's NO connection, right?)

Have you picked out which bridge you're going to live under yet? If not, this
weekend might be a good time to start scouting around.

1 comment:

D.K. Raed said...

So BS stk drops 50% today, threatening Carlyle Capital (I know, just the name is enough to make the hairs stand up on your legs). Carlyle Capital stk drops 90%, but Carlyle Group says, oh it probably won't affect their overall holdings. 'Course being a big HouseofBush/HouseofSaud holding company, they would say that. By the end of the day, the Dow is STILL hovering around 12K. Hunh? Guess the Fed will do ANYTHING to protect the stk mrkt & Carlyle while they tell avg homeowners to suck up 30% losses in the value of their homes cuz "that's the market speaking". The market was speaking to BS & Carlyle, but the Fed said, unh-unh-unh, you're too big to fail, might hurt some power people, let the little guys suck up the losses. So, that 28-day cooling off period the Fed has imposed? Just like the last 2 market downturns, the rich customers will use that time to bail out of many stks, while everyone else hears, oh you just gotta ride out these downturns, where else you gonna put your pension $$$? I'm jumping ship.

OMG, the bridges Dada! We only have 3 in my small town (last year it was 2). How're 100K people gonna fit? I guess we are victim of bad city planning.