NEW YORK - Just four days after Bear Stearns Chief Executive Alan Schwartz assured Wall Street that his company was not in trouble, he was forced on Sunday to sell the investment bank to competitor JPMorgan Chase for a bargain-basement price of $2 a share, or $236.2 million.
Life's necessities will have to suffice. Be content to be a small player(a seed). Live in a peaceful home. Enjoy the warmth of the sun. Love thy neighbor. Subordinate selfishness. Eat, drink, enjoy the growth provided by simple application of these fundamentals.
And your point is??? My broker called and said today was THE day to buy (speaking of the general market and mutual funds.) Instead I'm mostly in cash that I can at least spend on beer and burgers if I need though I can't buy as many as I could and I suspect I'll be able to buy less as time goes on. The utility company bumped rates 7% this month because we wouldn't notice as much by them doing it now as spring is lowering our power use. I've only got 30% of my money at risk in this market and I look back at the things I have sold that are much lower now and thank God that somehow I missed a lot of this carnage. There must be bunches of people really hurting. I am glad I don't look at my accounts and see them off 30%. I've even thought that there shouldn't be a long bear market like in the past because the Fed is so willing to intervene but the truth is it appears they can do nothing. The charts of the general market are really ugly. Greenspan never should have inflated the economy like he did. The money games should have stopped in 1998 when LTCM imploded but he bailed them out so we could continue to party. (cont)
In 1998 I was so disgusted by seeing the markets manipulated and the gvt bailing out the greedy buggers who should have been cheered in their failings and greed and allowed to fail, and doing it with my money, (!!) that I took my money out at a short term loss and paid off the house. The bank that held the note just couldn't believe I'd do that and went on and on and I had to talk with the manager and basically force the issue. The escrow accounts and the whole works got liquidated and I got the deed and that was that. Since then the Greenspan Put keeps getting executed except that now it take huge amts of money and it doesn't necessarily work. This isn't investing, its a casino. Lots of things routinely move 10 to 15% in a day. How can an "efficient market" so misvalue anything much less a multibillion dollar company so that it moves that much everyday? The answer is that it isn't an efficient market anymore. Its run by people with such deep pockets that they will never lose the milk money or the rent. Somebody made a bundle off BSC as they did off ENRO and thousands got skinned. I'm convinced that doom and gloom will dog this country because no one would rein in the excesses until we all had too big of a house and too big an SUV and car payment and all the gvt could do was bail out their bankster buddies. Why not bail out everybody and just give us each a check for 100k instead of 600$? They pissed 200 billion the other day on nothing and who knows how much to support Bear Stearns. Its really getting to be large money. 200 bil is like 500 a head for every one of us man woman and child and its just added to the debt that someday somebody must pay. I wouldn't have given 50c of my hard earned money to bail out that fiasco. Who out there would write a check for 500bucks to spare us from BSC imploding? That is 200,000,000,000 dollars! If there are 400 mil of us (there ain't) that is 500 dollars for every man woman baby, disabled, gvt worker, leech, scum sucker, low life and the other 15% of us who work. That means you and I just got a bill for 3grand for last week's Fed adventure not including whatever BSC cost. Can you see how this is just madness? and you ain't seen nothin yet because these brilliant dipshits were only levered 30 to one. 30:1 !!!! That's nuts! When it starts into the real leverage in the hedge funds Helicopter Ben won't be able to do anything but watch unless he wants to pay them off too and really make the dollar a joke. Frustrated?? No I'm furious and the Dems offer me a rascist and a bitch who's husband was a large part of this feel good get rich quick economy. This country is not the place I grew up in in the 50's and 60's when the future was bright and we knew the USA would always do the right thing. Then came Viet Nam. If ENEI quaudrouples maybe my standard of living will barely keep up with what's coming. Hey though, ask our gvt friends who keep track of such things and they'll tell you inflation is not a problem.