Looks as thought they were trying to head off the Asian market opening. Bloomberg has that market already down $482. Gold jumped $18 since Friday. Might be seeing a black Monday tomorrow.
Posted by mainsailset at March 16, 2008 07:03 PMI don't know about Spring ... it snowed in Tucson today. Snow is rare in Tucson, but in March?
Posted by gail at March 16, 2008 07:51 PMFrom someone who works with his wife as a volunteer foster home for a local border collie rescue I have a word of advice for anybody looking to adopt a dog. Don't be a dumbass... it pisses of both the foster home and the rescue manager... I'm too tired to go into details but remember those words.. "Don't be a dumbass.." please, for the love of twinkies.
Posted by Jolly Sapper at March 16, 2008 08:18 PMI think the US futures were lock-limit down last I saw. Should be an interesting open. Bears everywhere.
Posted by at March 16, 2008 08:59 PMWow, are the banks starting to cannibalize on themselves?
`JPMorgan Chase stands behind Bear Stearns,'' Dimon, 52, said in the statement. ``Bear Stearns's clients and counterparties should feel secure that JPMorgan is guaranteeing Bear Stearns's counterparty risk. We welcome their clients, counterparties and employees to our firm, and we are glad to be their partner.''
The bank will give investors 0.05473 shares of its common stock for every one share of Bear Stearns stock they own. Including shares in an employee-incentive plan, the purchase price would be as high as $270 million. JPMorgan may not buy those shares.
What a deal!
Posted by Seven of Six at March 16, 2008 09:33 PMLUDICROUS
Is there any downside? Somewhat like a no-bid-contract? Wasn't there anyone who could drum up 240 million bucks? 300 million? Nardelli or Grasso didn't want to buy an investment bank? Wish I had Ben watching my back...
This tidbit is interesting - "JPMorgan would also take on Bear Stearns' mortgage portfolio, worth an estimated $33 billion as of the end of February. Just $2 billion of that amount was made up of subprime, with the remainder made up of both commercial mortgage backed securities as well as other residential mortgage securities."
Does the Fed also sell 10 dollar bills to Wall Street for $9.50? Hmmm, I just don't know what to do..
I sent my House Rep a msg about the FISA bill (he's a redcoat so probably on deaf ears), but hopefully he (or some 12th grade assistant) will get the picture - Oversight needed...
Peace out all - have a good week.
Posted by piper commanche at March 16, 2008 10:14 PMIt's not the recession that's spooking investors, but that the dollar is plummeting like the Mexican peso in the 90s. The big problem is liquidity, as those who had money in US banks withdraw their deposits, banks are left without dollars in their reserves. Nobody wants dollars in trade transactions, which will, if nothing is done, drive US trade to a screeching halt. The Fed cannot do anything, just like the Mexicans, to stop people from exiting out of the dollar currency. GW needs to take steps to stabilize the dollar, and his only option is not palatable: cut military spending and bring the troops home. He needs to cut the deficit quickly if he is to avert a dollar meltdown.
Posted by Prabhata at March 16, 2008 11:38 PMThe dollar meltdown is also resulting from the irresponsible massive interest rate reductions by the Fed, which are making foreign investors clear out of our investment market---no return! And our massive trade deficit is financed by foreign investment. The dollar is tanking now on the anticipated rate cut the Fed has almost guaranteed this week.
But if the Fed doesn't make liquidity super cheap by reducing interest rates, then the irresponsible banks and investment house go belly up, and the housing market tanks still further.
At some point the Fed runs out of weekly "gameplaying", bailouts and other ammo. Then what?
Posted by euzoius at March 17, 2008 04:41 AMNobody on Left Coaster mentions the Winter Soldier hearings in Silver Spring, MD? The MSM didn't mention the hearings, nor the nation's newspapers except the WP who put the story in the Metro section.
The soldiers tell of commanding officers urging them to bring in dead noncombatants and they'll get a four day pass as a reward. Support our troops?
Thank you GW!
Posted by Albertine Cutshaw at March 17, 2008 05:30 AMThe fundamental problem is not liquidity but solvency. Lenders are afraid to lend money because they fear they will not be paid back. Gee, guess that's the natural consequence of giving out loans to anyone with a pulse.
But according to right-wingers, regulation is bad. FOOLS
Posted by Gay Veteran at March 17, 2008 06:12 AMGeorge W. Bush has now cemented his legacy as the WORST.PRESIDENT.EVER
Posted by Moon at March 17, 2008 07:16 AMHm, haven't heard words of wisdom from Toby lately about the economy. Too busy counting his money no doubt.
Posted by Judith at March 17, 2008 07:49 AMyes Judith, no toby and no Muckdog. I'm sure Muck would find the Bush Recession, Market collapse and Financial disaster to be a excellent example of how Bush and the GOP is helping our economy.
Posted by T2 at March 17, 2008 09:27 AMI couldn't resist the laugh Judith and T2.
The latest from our missing pet, Muckdog.
Economy is flat,and higher energy prices are sending more money to OPEC. Who is chasing the price of goods and services higher here? Nobody! My thoughts: Inflation remains mild as oil has gone from $12 to $110 a barrel.Posted by Seven of Six at March 17, 2008 11:08 AM
"Nobody on Left Coaster mentions the Winter Soldier hearings in Silver Spring, MD?"
Albertine Cutshaw, 17Mar08 @ 05:30 AM
There's interest in some regions of the internets: Alternet, Fanonite, Chris Floyd, Winter Patriot, Kos (look hard), etc. Also, the IVAW website
is experiencing high volumes of traffic due to interest in Winter Soldier. If you have trouble accessing the site, please try back later. We are working to increase our server capacity. You can make a donation to help us upgrade here.
Winter Soldier Blog, http://ivaw.org/wintersoldier/blog?page=1
Go visit IVAW, donate, write to Peoples Deputies and local media.
Just act. Do what you can and hope for the best. It's all you can do.
See also:
"In today's America, the hunger for a college degree is so great that many young men and women are willing to kill—and risk being killed—to get one."
The Volunteer Army: Who Fights and Why? by Michael Massing
NYRB, Vol 55, No 5, 3Apr08; http://www.nybooks.com/articles/21201
Also, our candidates might discuss this. Stranger things have happened.
Regards,