Sunday :: Mar 16, 2008

$2 a Share Open Thread

by paradox

/* Bear Stearns was sold for $2 a share today, after being valued at $80 just at the beginning of this month. The Fed was there to help JPMorgan Chase with the deal, of course, but not before they cut the lending rate again, to 3.25% Right after they set up a $200 billion credit fund for the beleaguered bank and finance industry.

This has all the markings of a full-on panic, the Fed desperately stabbing out everywhere with everything it has to stop a meltdown. We may find out next week just how severe this recession is going to be if banking and finance gets hammered; it looks bad now, and this could only make it very much worse.

/* Change is here, I said it weeks ago and sure enough Danny Hastert’s seat has been lost to the GOP. It’s old news, I don’t care, I get to say I told y’all so, change is here with political bravery richly rewarded.

/* Thank you Speaker Pelosi and the House Democratic caucus for passing a real FISA bill that ignores our truculent Texan and restore faith in the US Constitution. Americans care, it’s great politics, and whatever else happens this term at least this was a very good thing. Thank you.

Please use this as an Open Thread, Left Coasters. Spring is almost here!

paradox :: 6:56 PM :: Comments (15) :: Digg It!