Kunstler nails it once again:
"Over the weekend, the Federal Reserve engineered a $30-billion dollar
Saint Paddy's day present for the JP Morgan bank by handing them the
corpse of Bear Stearns. The object of the game is to prevent the
"assets" of Bear Stearns from going to the auction block, on which
they would be discovered to be nearly worthless, which would instantly
render all similar assets held by the other big banks to be similarly
worthless, and would result in a universal margin call that would
pretty much unwind the hallucinated "wealth" acquired the past ten
years."
http://jameshowardkunstler.typepad.com/cluster****_nation/
