"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.
Friday, March 14, 2008
"We've only just begun!" (Karen Carpenter)
From the AssociatedPress comes the following story this Friday afternoon: