A possible dicey day on Wall St.

I knew about the problems that were happening over on Wall Street and in the banking world. I was just unaware of just how bad it is.

It turns out, that it is really bad. I mean, really seriously bad!

The Wall Street has a great Video and Story up over on their site.

Here’s the Video:

Quote from WSJ:

The American financial system was shaken to its core on Sunday. Lehman Brothers Holdings Inc. said it would file for bankruptcy protection, and Merrill Lynch & Co. agreed to be sold to Bank of America Corp.

The U.S. government, which bailed out Fannie Mae and Freddie Mac a week ago and orchestrated the sale of Bear Stearns Cos. to J.P. Morgan Chase & Co. in March, played much tougher with Lehman. It refused to provide a financial backstop to potential buyers. Without such support, Barclays PLC and Bank of America, the two most interested buyers, walked away. Barclays said Monday it pulled out of the potential deal after deciding it wasn’t in the best interest of shareholders.

Late Sunday night, Lehman said it intends to file for protection under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the Southern District of New York. Lehman said none of the broker-dealer subsidiaries or other subsidiaries of LBHI will be included in the Chapter 11 filing and all of the broker-dealers will continue to operate. Customers of Lehman Brothers, including customers of its wholly owned subsidiary, Neuberger Berman Holdings LLC, may continue to trade or take other actions with respect to their accounts, Lehman said.

On Sunday night, Bank of America struck an all-stock deal to buy Merrill Lynch for $29 a share, or $50 billion.

Though it steered clear of a bailout, the Federal Reserve is expected to take new steps to stabilize the broader financial system. These steps, expected to be temporary, would make it easier for banks and securities firms to borrow from the central bank by using a wider range of collateral. Bankers say these financial institutions might need short-term funds as they unwind their many trading positions with Lehman.

While I do not have anything invested on Wall Street, I know people who do, in fact, my parents have stock options in G.M. So, this may just affect them. I will be watching this story all day today. This Blog is mainly politics, but I also Blog about other news stories of interest. Anyhow, this could trigger panic selling everywhere and could trigger a massive crash of the stock market, rivaling the crash of the 1930’s or at least rivaling the mini-crash of the 1980’s.

I do realize that the FDR did put some protection in our bank system to prevent another major crash, as to just good those protections are, we will see I suppose. I do not claim to be a banking nor financial expert. But I can see the panic in the eyes of those men that made that video. So, I expect a horrible day on the stock market.

Of course, our communist liberals, especially the far left with their anti-capitalist mentality, will be cheering this little misfortune. I’m sure that B. Hussein Obama will be saying stuff like, “They deserve to be punished, for making the little people suffer!” and “It was George W. Bush’s fault that the stock market crashed!”

On the other hand, John McCain will most likely make some rather stupid comment and then blame his time as a P.O.W. on his idiotic gaffe. Like he always does. 🙄

Either way, this story is going to be interesting to follow. Stay tuned. 

Update: Michelle Malkin says “The Fit has hit the shanIndeed. But she also says:

And now is the time where I get to say, “See, I told you so.” From March 17, 2008, as the Bear Stearns bailout was underway:

I warned from the start of stimulus-palooza that we were headed in this direction. Both political parties support these massive government interventions–from empowering judges to meddle with private contracts to backing billions in mortgage securities. This isn’t the last step. It’s the first. And you know who will end up getting screwed: The responsible and the frugal.

True Michelle, But don’t you think that Mr. “Nation of whiners“, has to share some of the blame, because of his lobbying for the deregulation of the housing industry? Which caused all of this in the first place? I think so. What is really known, is the fact that it is going to get a hell of lot worse, before it gets any better. *gulp!*

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Bob Barr, The Right Choice for America…..

Bob Barr For President 2008

So far, Bob Barr has raised $836, 686, 52.

Join Bob Barr’s effort to retake America. Donate today

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A movie that every American should watch, before voting

(H/T to AP at Hotair.com)

This movie, if it caught on in the Media would ruin Obama’s chances of being elected President.

Trailer 1:

Trailer 2:

Wow…. I don’t think Barry will have to worry about snipers. He’d better worry about this movie.

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Blogs for Borders! 08/11/08

Our weekly vlog — podcast on illegal immigration and border security. In this weeks edition…

You Do The Math: Do employers know they’re hiring illegals? We investigate.

MJ responds to a charge of…sexism?

100% Preventable! Americans continue to pay the bloody price for open borders. When will the madness end?

Download for your Ipod here.

Make sure to visit our sponsor….

Click on image

If you’d like to sponsor a show contact us here.

This has been the Blogs For Borders Video Blogburst. The Blogs For Borders Blogroll is dedicated to American sovereignty, border security and a sane immigration policy. If you’d like to join find out how right here.

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Trackposted to Mark My Words, A Blog For All, Right Truth, DragonLady’s World, Shadowscope, The Pink Flamingo, Cao’s Blog, Democrat=Socialist, and Stageleft, thanks to Linkfest Haven Deluxe.

Linkfest Haven, the Blogger's Oasis

Excellent Reading: Chuck Baldwin Says.. "Save The Planet? How About Saving The Republic?"

I post these here, because I believe Chuck Baldwin is a honest voice within the Conservative Community.

Save The Planet? How About Saving The Republic?
By Chuck Baldwin
July 30, 2008

This column is archived at
http://www.chuckbaldwinlive.com/c2008/cbarchive_20080730.html

Yesterday, the Politico quoted House Speaker Nancy Pelosi as saying, "I’m
trying to save the planet; I’m trying to save the planet." She was
responding, of course, to pressure that she and her fellow Democrats are
experiencing to suspend a congressional ban on offshore oil drilling in the
face of skyrocketing energy prices. It would be really wonderful, however,
if the liberal congresswoman could get as energized about saving our once
great republic.

Herein lies another problem: the vast majority of our politicos (from both
major parties) do not even seem to know what kind of country the United
States was designed to be. Virtually every reference made to the United
States by our civil magistrates is that we are a "democracy." That’s odd;
someone should have told our Founding Fathers, because they emphatically
rejected the concept of creating a "democracy" in favor of creating a
constitutional republic.

Has anyone quoted the Pledge of Allegiance lately? Does it say, "And to the
democracy for which it stands"? Or does it say, "And to the republic for
which it stands"? Of course it says "republic."

At the conclusion of the Constitutional Convention, a passerby asked
Benjamin Franklin, "Well, Doctor, what have we got–a republic or monarchy?"
Franklin replied, "A republic–if you can keep it."

Ladies and Gentlemen, that is the sixty-four million dollar question: Can we
keep our republic? Can we keep our constitutional form of government? Can we
keep our constitutionally protected liberties?

In Federalist No. 10, James Madison ("The Father of the U.S. Constitution")
said, "[D]emocracies have ever been spectacles of turbulence and contention;
have ever been found incompatible with personal security or the rights of
property; and have in general been as short in their lives as they have been
violent in their deaths."

The fear of what happens to freedom and liberty under democratic rule is
what prompted Madison and the rest of America’s founders to labor so hard to
create what they did: a constitutional republic.

Under God, it is allegiance to the Constitution that has preserved our
liberties, our peace and happiness, our security, and our very way of life.
Furthermore, it is the repudiation and rejection of constitutional
government that is responsible for the manner in which these very same
blessings are currently being lost.

Someone needs to remind Rep. Pelosi that it is not her duty (nor does she
have the power) to "save the planet." And by the same token, someone needs
to remind Senators Barack Obama and John McCain that they are not
campaigning to be President of the World, but President of the United
States.

What every elected officeholder is expected and required to do is very
simple: they are required to preserve, protect and defend the Constitution
of the United States of America. Period. End of story.

Our public servants are not charged with saving the snail darter or the
Spotted Owl, or saving the profits of the international bankers, or saving
Wall Street in general, or saving the perks of corporate lobbyists, or
saving Freddie and Fannie, or saving the peoples of the world from all the
bogeymen, or even saving humankind or the planet itself. What our public
servants are charged with, however, is preserving (saving) our
constitutional republic.

Of course, the problem is, the people who are charged with the preservation
of our republic are the ones who are the most responsible for its
destruction. The American people have far more to fear from Nancy Pelosi,
Barack Obama, and John McCain than they do from any foreign adversary,
because our leaders have proven that they have absolutely no fidelity to the
principles of constitutional government. They have no compunction about
eviscerating the protection of our freedoms, or about abolishing the
vanguard of our liberties. They are Machiavellian, making King George of old
look like a mere amateur.

No, I take that back. It is not our civil magistrates who are most
responsible for the destruction of our republican form of government: it is
"We the people."

At the end of the day, it is the responsibility of the people to govern
themselves. We must be willing to hold our civil magistrates accountable to
the contract they made with us, which is to uphold constitutional
government. It is our duty to "throw off" any system of government that does
not secure our liberties and protect our constitution. And this we have not
done.

Christian pastors and ministers have failed us. The "Religious Right" has
failed us. College professors have failed us. High School teachers have
failed us. Newspaper editors and publishers have failed us. TV news anchors
and reporters have failed us. Parents have failed. Friends have failed. The
two major political parties have failed. As a whole, no one is talking
about, or even thinking about, the loss of constitutional government,
national independence, and sovereignty. Few seem even conscious that this is
taking place.

Worrying about which major party wins a general election is like worrying
about whether Coke or Pepsi sold more soft drinks last month. Pick your
poison. One is just as bad as the other. Neither has any fidelity to the
Constitution or to the principles of liberty, which it represents. Both John
McCain and Barack Obama are enemies to constitutional government. Both are
in the process of sacrificing our national sovereignty to global entities.
Both men lied when they took an oath to preserve and protect the
Constitution. So, why should we care which impostor wins the election?

It is up to the American people to enforce constitutional government. From a
Christian perspective, it is "We the people" who are the "powers that be" in
Romans chapter 13. Under our form of government, the source of authority and
the source of legitimacy reside with "We the people." We are not the slaves
of any king or despot. Our elected leaders are public servants, not private
masters. In a nutshell, they work for us. They are contracted to preserve
our liberties and our way of life. When they fail, they must answer to us.

So, when will the American people pick themselves up by the bootstraps and
start acting like free citizens and stop groveling before these imbecilic
political parties? When will we set this political house in order?

Of course, all of this demands that each of us understands constitutional
government and the principles upon which liberty rests. It also demands that
each of us be prepared to do whatever is our personal duty to preserve this
republic.

Patriotism is more than waving a flag on July 4th, or singing The National
Anthem at a ball game, or wearing a flag lapel pin on Flag Day. For an
American, real patriotism means that we are willing to preserve and protect
our constitutional republic. Remember, Franklin’s answer: "A republic–if
you can keep it."

Nancy Pelosi can talk about saving the planet all she wants to: her duty,
however, is to preserve, protect, and defend the U.S. Constitution. And that
is also the job of every single American citizen. Unfortunately, most of us
are no better at doing our job than Pelosi is at doing hers.

Chuck Baldwin’s Website
Chuck Baldwin For President 2008

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A article that I think everyone needs to read.

I think all Americans should read this.

“Obama ain’t black.”

I turned to look over my shoulder to see who had uttered that ridiculous statement.

“Pardon Me?” I squinted at the dark-skinned man who had just interjected himself into my over-coffee conversation with my buddy, Kevin.

“Obama ain’t black.” He said again more matter-of-factly as he walked around the porcelain dividing wall and stood at our table where he could be more active in our conversation.

“My name’s Andree,” he said as he extended his hand. “I couldn’t help but hear what you boys had been discussin’ and I don’t mean to stick my nose in where it don’t belong, but I couldn’t leave without settin’ you straight. Obama ain’t black.”

I looked at Kevin as he shifted nervously in his seat, not sure how to take this visitor to our table.

“Well, have a seat Andree,” somewhat trying to judge the book by its cover. “I’m Dave, but most folks call me Coach, and this is Kevin.” Kevin extended his hand politely.——- Click the link to read the rest of Conveniently Black by Dave Daubenmire (via NewsWithViews.com

I will simply say the following, that it is pretty telling when Obama is doing better in White America, out in places where blacks are in rare supply, than he is in the more urban communities.

I don’t have much to add to this article… Because Dave says it all in this article. Enjoy.

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The Truth about ANWR

(H/T and Thanks to Senate Conservatives)

Tell everyone you know about this video. It is important that everyone know, how the Democrats are lying about ANWR.

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Happy Birthday America!

IN CONGRESS, JULY 4, 1776

The unanimous Declaration of the thirteen United States of America

When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature’s God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.”

[….}

We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these united Colonies are, and of Right ought to be Free and Independent States, that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. — And for the support of this Declaration, with a firm reliance on the protection of Divine Providence, we mutually pledge to each other our Lives, our Fortunes, and our sacred Honor.

John Hancock

New Hampshire:
Josiah Bartlett, William Whipple, Matthew Thornton

Massachusetts:
John Hancock, Samuel Adams, John Adams, Robert Treat Paine, Elbridge Gerry

Rhode Island:
Stephen Hopkins, William Ellery

Connecticut:
Roger Sherman, Samuel Huntington, William Williams, Oliver Wolcott

New York:
William Floyd, Philip Livingston, Francis Lewis, Lewis Morris

New Jersey:
Richard Stockton, John Witherspoon, Francis Hopkinson, John Hart, Abraham Clark

Pennsylvania:
Robert Morris, Benjamin Rush, Benjamin Franklin, John Morton, George Clymer, James Smith, George Taylor, James Wilson, George Ross

Delaware:
Caesar Rodney, George Read, Thomas McKean

Maryland:
Samuel Chase, William Paca, Thomas Stone, Charles Carroll of Carrollton

Virginia:
George Wythe, Richard Henry Lee, Thomas Jefferson, Benjamin Harrison, Thomas Nelson, Jr., Francis Lightfoot Lee, Carter Braxton

North Carolina:
William Hooper, Joseph Hewes, John Penn

South Carolina:
Edward Rutledge, Thomas Heyward, Jr., Thomas Lynch, Jr., Arthur Middleton

Georgia:
Button Gwinnett, Lyman Hall, George Walton

It was on this day, 232 years ago. That men decided that freedom was the only way. This post is for them.

A few videos:

A video that tells the story of our National Anthem and how it came to be:

A singing of our National Anthem, that I think is the closest thing to Heavenly Angels singing that we’ll ever get here on Earth:

Another American Classic:

Another one, done, only the way, this man could do it:

Even John Wayne knows:

I posted this, not for some stupid political ploy, not to be clever, but to remind everyone, no matter what your political stripe or conviction or feeling, You are, We are, all Americans. This is our land, and we should, at least once a year, stop and reflect on our freedoms. The freedom to write, the freedom to Pray to whatever God we wish or the freedom to not pray, at all.  The freedom to agree, the freedom of dissent or to disagree, the freedom to assemble or simply the freedom to do nothing at all.

As Always, We remember our soldiers, especially those who have fallen:

One of my favorite songs:

Update: I could not remember the name of this song last night, I remembered the name this morning:

I cannot listen to this without tearing up… it’s tough, even for a guy:

God Bless the United States of America and God Bless and Keep our Soldiers.

Chuck Baldwin officially launches his campaign website….

I received some great news this morning in my e-mail inbox. Dancing

Pastor Chuck Baldwin has officially launched his Campaign website.  

I am voting for Chuck Baldwin because he more represents the American values that I, as a Christian, as a Libertarian and as a Constitutionalist, hold very dear.

He might not win, but I will know that my vote went for someone who still believes in the old Paleo-conservative values that I hold dear. I will also know, that my vote did not go to a third term of George W. Bush, a Neo-Conservative, Globalist, Shill or a Socialist, Marxist, Liberal. 

This notion that if you don’t vote for John McCain, that your vote is a vote for Hillary or Obama is the biggest lie and the great travesty ever heaped upon this Nation. Heaped upon it by warmongering bastards who want to send this Nation into a pit that it will never get itself out of.

I ask you today, Libertarian, Constitutionalist, Conservative, Republican, wake up and realize that this Nations only hope, is found in this man.

Check out his Website, Forum  and go to his "Money Bomb" page.

Let’s get American back on the right track, vote for Chuck Baldwin

Breaking News: Ford Motor Company cutting production of SUV’s for the rest of the year.

A further testament to the fact that our nation’s economy is heading over the cliff. News this morning that Ford Motor Company is cutting production of their pickups and sport utility vehicles, of whom sales has dropped drastically in the recent months.

Quote from the AP:

Ford Motor Co. says it is cutting North American production for the rest of the year as high gas prices and the weak economy depress its sales.

The Dearborn-based company said Thursday it also expects to break even in 2009, scaling back its goal of returning to profitability by that time.

Ford says it will cut production by 15 percent in the second quarter, 15 to 20 percent in the third quarter and 2 to 8 percent in the fourth quarter.

The cuts primarily will affect pickups and sport utility vehicles, which have seen sales plummet in recent months. Ford plans to increase its production of cars and crossovers.

Video from CNBC:

I could launch into some sort of tirade and blame Bush and the Republicans for this, however, that would be using the current Political situation as a scapegoat. This economic crisis has been brewing for years and years and finally it has come to a crest. 

Our nation allowed itself to become dependent on foreign oil, we are now basically slaves to a foreign supplier for oil for our nation’s resources. The housing crisis was caused by a few things, sub-prime lenders who were not over-sighted to make sure that they did not trick people into buying houses that they could not afford. I do believe in free markets, but I also believe in moderate regulation. This was not in place and now we’re in the mess we are in. However, I will say this, there were people that KNOWNINGLY bought houses that they knew that they could not afford. These people now want the United States Government to bail them out. I believe that this is totally wrong. Why should my tax dollars pay for some idiot, who knowingly (key word there…) signed loans that they could not afford to pay for?

I have heard the arguments for and against drilling in Alaska. I am not convinced beyond a shadow of a doubt, that Alaska would solve ALL of our problems. I just believe we need to find sensible alternative forms of energy, some of one’s that I have seen, on the surface seem good, but there are other problems, that keep them for being implemented in the "real world."

There is no quick fix to this problem, it is going to take years to fix the problems that our Nation, as a whole, has created for ourselves.

Let us not forget our United States Servicemen

While I have been a very vocal critic of the Bush Administration’s Handling of the war in Iraq. I will always stand in honor for our United States Military.

Here is a video that I think everyone, Liberal, Conservative and everything in between, needs to watch: (H/T to Army Wife Toddler Mom and Tammi)

Please, support Military Ministry or Soldiers’ Angels

Let’s not forget those, who choose to serve our Nation, so that Bloggers, like me, can write and be free.

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From the "Ya Think?" File…

Unbelievable! A Right Winger that actually has a brain, stop the presses, call the media! This is a rarity! Surprise

Okay, that was a little overblown, but this is remarkable, someone on the right actually sees that John McCain is losing the Iran Debate

Of course, this is not the only debate he is losing, especially the debate on the economy, on Jobs and about everything else, that middle class America cares about. Including the quagmire in Iraq, that is spending this nation into a economic recession that will far surpass the one in the 1980’s and could possibly lead this Nation into a depression that could last for many years.

I think if the Conservatives and Republicans look really hard, they would see quite a good number of things that they are very wrong on.

Special Podcast for my readers: Donation Appeal

This is a special Podcast for the regular readers of my Blog.

I need some serious help folks, please, listen to this.

Click here to get your own player.

 

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New York Sun reports: Food Rationing Confronts Breadbasket of the World

Could this be a sign of things to come?

The Article: Food Rationing Confronts Breadbasket of the World Via The New York Sun

Quote:

Many parts of America, long considered the breadbasket of the world, are now confronting a once unthinkable phenomenon: food rationing.

Major retailers in New York, in areas of New England, and on the West Coast are limiting purchases of flour, rice, and cooking oil as demand outstrips supply. There are also anecdotal reports that some consumers are hoarding grain stocks.

At a Costco Warehouse in Mountain View, Calif., yesterday, shoppers grew frustrated and occasionally uttered expletives as they searched in vain for the large sacks of rice they usually buy.

(Snip!)

The bustling store in the heart of Silicon Valley usually sells four or five varieties of rice to a clientele largely of Asian immigrants, but only about half a pallet of Indian-grown Basmati rice was left in stock. A 20-pound bag was selling for $15.99.

Spiking food prices have led to riots in recent weeks in Haiti, Indonesia, and several African nations. India recently banned export of all but the highest quality rice, and Vietnam blocked the signing of a new contract for foreign rice sales.

“I’m surprised the Bush administration hasn’t slapped export controls on wheat,” Mr. Rawles said. “The Asian countries are here buying every kind of wheat.”

(Snip!)

Mr. Rawles said it is hard to know how much of the shortages are due to lagging supply and how much is caused by consumers hedging against future price hikes or a total lack of product.

“There have been so many stories about worldwide shortages that it encourages people to stock up. What most people don’t realize is that supply chains have changed, so inventories are very short,” Mr. Rawles, a former Army intelligence officer, said. “Even if people increased their purchasing by 20%, all the store shelves would be wiped out.”

The Bush Administration, long putting other country over ours is now faced with this sort of a dilemma. What will be our Presidents response, if hurricane Katrina is any indication, we could be in for one of the worst food shortages ever.

I would advise everyone to stock on needed items, as it could get ugly before too long.

Others Bloggers covering this: Raw Story and Bob McCarty Writes

Cross-Posted @ The American Nationalist News Service

A Video, that everyone needs to watch…

I think everyone needs to watch this:

It’s pretty scary, but all true.

If you enjoyed this video, please consider a donation to this Blog. Click here to listen to a message from me, about why I need the donations.

The Clinton Tax Return – Gate

Here is the video news story via the AP:

Memeorandum has the various Blog reactions and story on Hillary’s website.

The only thing I have to say about it is this. The Clinton’s were successful people, I do not have a problem with that, at all. They went to college, got law degrees and were successful at it.

Does that bother me? Of course not! Sorry, I am just not one of those kind of people, who hold grudges against people who are successful in life. There are Liberals and some Conservatives like that, I am not.

If it makes anyone feel better, Keith Olbermann, The Liberal’s talking head, has a 5 year contact with MSNBC for 5 million dollars. So, I really do not see all the fuss over the Clinton’s wealth is.

This is, where I believe, that John Edwards blew it, he went around talking about two Americas, all the while being wealthy himself. I never saw that in Hillary, she was successful, because she worked for it. I cannot fault her for that.

My take on it is this, anyone that has the ability to go out and get a good education and make something of themselves and is able to amass that kind of wealth, I say, God Bless them, and I wish them the best. I do not have a problem with anyone being successful, as long as it is done in a honest manner.

That is one of the issues that I have with the progressives and far left liberals, and that is their contempt of anyone who is financially successful. The Anti-Capitalist mentality. Capitalism, sorry to say, is the American way. Honest capitalism is even better.

This whole idea of "Give me something, for nothing", I believe is anti-American, It seeks to punish those who are successful. It forces those who have made something of themselves to surrender their wealth to those who want something for nothing.

Just my take on it.

I’ll be the first to admit, like John McCain, I don’t know jack about economics or for that matter, Wealth!

Yeah, that’s right. I’m about helpful as a blind man in a library, when it comes to this sort of stuff.

The Story:  JPMorgan Acts to Buy Ailing Bear Stearns at Huge Discount (Via New York Times)

Bear Stearns, pushed to the brink of bankruptcy by what amounted to a run on the bank, agreed late Sunday to sell itself to JPMorgan Chase for a mere $2 a share, narrowly averting a collapse that threatened to cascade through the financial system.

The price represents a startling 93 percent discount to Bear Stearns’ closing stock price on Friday on the New York Stock Exchange.

Bankers and policy makers raced to complete the deal before financial markets in Asia opened on Monday, as fears grew that the financial panic could spread if Bear Stearns failed to find a buyer.

The deal, done at the behest of the Federal Reserve and the Treasury Department, punctuates the stunning downfall of one of Wall Street’s biggest and most storied firms. Bear Stearns weathered the vagaries of the markets for 85 years, surviving the Depression and a dozen recessions only to meet its end in the rapidly unfolding credit crisis now afflicting the American economy.

My first reaction, when I saw this was, "Why should I even remotely give a rip?" However, it does show the full fall out of the sub-prime loan debacle that the Nation is dealing with, which isn’t helping the economy.

Yeah, from what I have read around the Blogs and from what I have seen on the T.V. we are headed into another Recession. Which is not a good thing. I guess it just means that the rest of the United States is catching up with Michigan.

Now, the nasty A-hole part of me, who kind of has a inbred hatred of people, who have more money that I do, thinks, "Ha Ha Guys! How’s it feel to lose everything and be broke, like I’ve been for the past couple of years??" But that’s a bit nasty and I try to avoid such thoughts.

I’m just hoping that this doesn’t trigger a mass sell off and a stock market crash, that would suck, because a full scale depression, is the LAST thing we need, right now.

Now, I’m not a capitalist freak, (You wouldn’t know it, by all the ads on my blog… *grin*) However, a certain amount of it, is acceptable, and a certain amount of it is needed to make the country work. So, I would hate to see the World’s Economy go to pot.

Anyway, that’s my take on it, from a Lower Middle class type of guy’s view.

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