NEW YORK - With a deal in place to save Bear Stearns from bankruptcy, the company's shares traded above the offer price Monday even as investors began turning a critical eye to other investment banks amid worries about how far the credit contagion could spread.
Despite the weekend agreement for JPMorgan Chase & Co. to buy Bear Stearns for a fraction of its value last week, worries that other banks had sizable exposure to troubled credit markets sent global markets tumbling. The uncertainty was evident on Wall Street, where the Dow Jones industrials sank by more than 100 points.
At Bear Stearns' 47-story headquarters in midtown Manhattan, many employees said they still couldn't believe that the nation's fifth-largest investment bank is — essentially — out of business. Employees said there was no meeting to inform employees about what was happening.
In the current economic climate. Inflation only 3.8% don't you know. Gas companies tell us that bill may go up huge amounts, as if they had not already!
The latest housing report says we should build more home. Anyone told them builders are laying off people and putting a stop on many projects? http://news.bbc.co.uk/1/hi/england/7512258.stm
It may refer to council/social housing but are they really looking at what is going on around them?
We're all doomed! Head for the hills before they start heading for you!
It's in the builders interest to not build, with low supply and high demand prices stay high, once demand dries up there are too many houses on the market so prices drop. Ergo--stop building till demand goes up. Unless the government builds thousands of houses and forces prices down building will stop.
I came into the world with nothing and still have most of it left..
Economic KaaaaBOOM
Posted - 18/03/2008 : 03:56:43
