After days of denials that it had liquidity problems, Bear was forced into a JPMorgan-led, government-backed bailout on Friday. The arrangement, the first of its kind since the 1930s, resulted in Bear getting a 28-day loan from JPMorgan with the government’s guarantee that JPMorgan would not suffer any losses on the deal.
The economy is fine, Iraq is fine, your water is fine, you are safe, your air is clean, oil is still cheap.
Now why would they lie to us.
I’m not worried. I cashed out my 401k and took the huge tax hit in order to open a bank account for Dr. Nathan Narumbi.
He is a super guy who needed me to open that account in order to get sixty million he made while the Nigerian Chancellor of the Exchequer out of the country.
The deal is just about wrapped up, he just needs another $20k to close it out and I get something like $25 million.
BTW – The magic number for the DJIA is 10,600
That’s what it was when chimpy took office. When it gets back to 10,600 we’ll all wake up and AL Gore will be President having won Florida and these past 8 years will be a bad dream.
This is the kind of behavior that BushCo’s bailouts rewards: playing cards while a premiere financial institution burns.