Buckle you seat belts it’s going to be a bumpy ride! That’s what Monday looks like following news that Bear Stearns has sold out to JP Morgan for $2 a share. That is a fire sale price and a 93% discount. Follow that with the former Fed chief Alan Greenspan stating in a piece for Financial Times that the current financial crisis is likely the worst since WWII and the stock market should be a fun train wreck to watch . Fun if you are standing on the sidelines, a disaster if you are in it.
It’s times like these that I am almost grateful that I am broke.
Meanwhile the current Fed chief has announced efforts to infuse the financial boys with more cash at a lending rate of 3.25%. This will hopefully help matters as the housing mess continues to affect the markets.
If you are like me and heavily invested in the empty pockets market, grab a cold one and pull up a chair. Might keep an umbrella handy to keep the tears of bankers from getting on you.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment