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Monday, March 17, 2008
Let the recession begin posted by Dookie The Webmaster 11:53 AM Bear's 'Fire Sale' Sparks Fear That No Bank Is Safe A fire sale of Bear Stearns stunned Wall Street and pummeled global financial stocks on Monday on fears that few banks are safe from deepening market turmoil. "Last evening the Bear Stearns situation reached a crescendo, as JPMorgan agreed to acquire the wounded broker for a token amount of $2 per share," research firm CreditSights said. "The reality check is that there are many challenged major banks, brokers, thrifts, finance/mortgage companies, and only a handful of bonafide strong U.S. banks." As a result, financial firms face a "new world order," CreditSights concluded. President Bush assured the world that the United States was "on top of the situation" in financial markets as the Federal Reserve geared up for a deep cut in interest rates on Tuesday to blow money into the fragile financial system. Bush says we're okay. Permalink :: 1 comments :: Post a Comment




	It's long been a fact that U.S. banks are among the most unsecure places to put your money. Mexican banks are far safer and since the U.S. and Mexico are such good NAFTA buddies you might consider banking South of the border. See, Mexican banks actually have to show assets to back up every peso they have. Unlike banks in the "secure" U.S. They have to show virtually no assets at all to back up YOUR duckets. You'd be just about as safe leaving your money with that bag lady you see every day, if you find her trustworthy, even if she may be down on her luck right now. When the "money experts" at Citi and Chase are throwing themselves out of windows and under trains, your bag lady will probably still be there with both feet on the ground. Because they pay themselves obscene amounts for work that really isn't that hard or even nearly as complex as they'd lead you to believe, isn't so much a statement on their amoral and skewed outlook on the world as it is on the sheep that make up so much of the populations' total surrender to the lie people need to believe so badly that they'll walk off a cliff before they'll face the facts. There just can't be any other explanation for the bullshit everybody seems to know they're eating, but keep telling themselves it's chocolate mousse. If they'd just replace "Land of the free and home of the brave", which is nothing more than a sick joke these days, with maybe "Instant gratification takes too long", and change that damn flag into maybe a Ronald McDonnald montage, and everyone wore those glasses with the fake noses attached and beanies with the helicoptor blades on top, things would at least look real. Then change the plaque on the 'justice is blind' statue to read "Oh where is the noble fear of modesty, or the strength of virtue, now that blasphemy is in power and men have put justice behind them, and there is no law but lawlessness and none join in the fear of the gods". What you'd have is something to give some deep thought too, as your brains melt and run out of your ears. posted by Thunderdome's next at 3:04 AM