Bear fire sale sparks rout - Reuters

[Eugene]

Source: Reuters

Bear fire sale sparks rout
Mon Mar 17, 2008 12:22pm EDT

By Jack Reerink

NEW YORK (Reuters)- A fire sale of Bear Stearns Cos Inc
stunned Wall Street and pummeled global financial stocks
on Monday on fears that few banks are safe from deepening
market turmoil.

Trying to assuage worries that the credit crisis is spinning
out of control, President George W. Bush said the United
States was "on top of the situation."

-snip-

Staff at Bear Stearns' Manhattan headquarters were welcomed
to work on Monday by a two-dollar bill stuck to the revolving
doors -- a spoof on the bargain-basement price of $2 per
share that JPMorgan Chase is offering for the firm. A hopeful
Coldwell Banker real estate agent was hawking cheap
apartments to employees who saw the value of their stock
options go up in smoke.

The combination of Bear Stearns' bailout and the Fed's offer
on Sunday to extend direct lending to securities firms for
the first time since the Great Depression highlighted just
how hard the credit crisis has hit Wall Street.

And it scared market players worldwide.

-snip-

Read more: http://www.reuters.com/article/topNews/idUSN1650564120080317

[Vincardog]

1. The thieves in charge are using our money to keep their Ponzi scheme afloat till Obama takes over

then they can say "See The DemocRATS cause recessions".
It is bush's war and it is a CONservative depression.