"Lubow" <dynamitemike@[EMAIL PROTECTED]
> wrote in message
news:cddd63ed-bdc1-4334-a3e3-f561de9e9091@[EMAIL PROTECTED]
> 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.
I'm sure you know that the Bear Stearns problem was more of a lack of
trust issue and not really due all to the subprime slime. No one would
deal with them except for JPM. As far as I am concerned, JPM is going
to make out like a bandit on that deal for the long haul. What can I
say? Bear Stearns finally screwed up big time and no one wanted to deal
with them any longer. It happens all the time. It is not the mortgage
defaults that is the problem; it is how they got packaged and sold.
Thus we have the lack of trust issues plaguing us. I agree that that
will still be continuing.
Yep, the media probably was successful into talking us into a recession
that really wasn't necessary. Those BASTARDS! ;-) Well, business is
good out here on the West Coast so is not affecting us much. Dang
freeway traffic is just as much as ever if not more. Guess we don't
give a hoot about higher gas prices out here. Good luck with the
"recession" on your end.
Fred
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