Bear Stearns: FUBAR
I'm no expert on the financial market.
In fact, what I know about firms like Bear Stearns and Lehman Brothers can be contained in a small thimble.
All I know for sure is that Bear Stearns is essentially bankrupt because they gambled with shareholders' money and lost.
Lehman Brothers is to Bear Stearns as Sam's Club is to Costco. Same basic thing, just different names. I predict they will be the next Money Biz to fail.
Of course, Fed Chairman Ben Bernanke was appointed by Bush, which means he is incompetent. Anyone Bush has selected for any position has proven to be incompetent.
Therefore, any solution to corporate America's impending economic collapse Bernanke comes up with will be flawed, and ultimately useless.
Bush and his minions' solution to any problem is to throw dollars at it: billions of millions of trillions of our dollars.
And it never seems to work.
A lot of millionaires whose portfolios include hundreds of shares of Bear Stearns will be taking it up the ass over the collapse of the company. I wish I could scrape up some compassion for them, but they were part of the problem when they invested in a company that put profits above principles.
If I were a Democratic candidate running for president right now, I'd take a hard look at the wreakage Bush will be leaving and say, "I'm not going to run after all- too much of a mess to clean up."
I'm not sure Hillary will be able to attack this economic collapse if she wins. And Obama? I'm completely sure he lacks the experience to know where to begin in addressing Bush's failed economic policies.
I'm just grateful my house is paid off and I have no staggering bills to worry about.
If I was upside-down on a huge mortgage or other major debt right now, I'd be sweating blood.