Monday, March 17, 2008
Saint Patty's Day
Happy Saint Patrick's Day to all you Irish! That is about the only positive note on this day of green beer and hearty song.
The Fed, in an attempt to shore up world confidence in the American financial markets did an emergency interest rate cut last night(that's right Sunday night) but this morning world financial market are going hard negative and the dollar is looking for new lows against other world currencies.
JPMorgan bought BearStearns for $2 a share over the weekend to avert a need for BS to declare bankruptcy. The Fed is backing the purchase by guaranteeing Bear's assets. So far Mr. Ben has sucked up about half of the Fed's 800 billion in assets bailing out his buddies on Wall Street. Do you feel any better now? The stock was at $30 a share on Friday and had seen $159 per share in the last year. Who's next?