On Apr 7, 2:15 am, "FrediFizzx" <fredifi...@[EMAIL PROTECTED]
> wrote:
> That includes up to 4 unit residential properties so has some commercial
> residential mixed in with it. But even at 2 percent of total mortgages
> it is not a big deal. Now, if it was 4 to 5 percent then we are in some
> trouble. ;-)
Did someone say, "big deal?" I dunno, Fred.
Bear Stearns was only six years old when the 1929 Stock Market Crash
struck down many strong firms. Bear weathered the Hoover Crash, the
Great Depression, the Reagan crash, the Eisenhower recession, the ten
year Watergate bear market, two Bush recessions and the S&L Crisis.
This no-big-deal mortgage crisis, as you put it, was just too much
for this gutsy little brokerage that outlasted such powerhouses like
Blythe Eastman Dillon, Loeb Rhodes, Kuhn Loeb, Shearson Hamill,
Francis DuPont (owned by Ross P*****), Edwards & Hanley, Bache,
Hornblower & Weeks, Cohen Simonson & Rea, and E.F. Hutton to name a
few.
Now I'm hearing the talking heads on CNBC speak of a "mild
recession." When Wall Streeters tell us of a "mild problem," you know
there's more trouble ahead.
|
