Today, Bear Stearns was bought up by JP Morgan. For about two bucks a share, a sale price of 236 million dollars.
Less than a year ago, their stock was selling at ten times that price.
And to get JP Morgan to buy it, the feds put up 30 BILLION of tax payers money. And to back that 30 billion dollard Fed loan, they're taking the worthless loans as colateral. So the executives at Bear Stearns will walk away rich, and the rest of the working stiffs get to bail out their criminal mistakes.
That's just one bank of many on the edge of colapse.
And we haven't even hit the hard times yet in the commercial real estate market. Those strip malls and big box developements overbuilt on the edge of every town are next up in the default line.
Fasten your seatbelts, kids. We're about to hit very bad times when this run hits. And as it weakens the dollar, it's going to make all those people selling us oil and gas not want our ever more worthless dollar, and they'll switch to the euro, or some other currency from nations that still have regulations and protections.
It's going to cause huge problems with our stupidly built auto centric suburban lifestyle when the increasingly worthless dollar can't buy gasoline and food.
Add in global climate change, food shortages and the madness of our blind stupidity and stubborn electorate, and things start to look pretty crazy.
Over half of this nation voted for the opportunist scum who got us here. Maybe being poor, homeless and hungry will finally turn some Rethuglican heads around. Or make them explode. But that's too much to hope for.