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This page contains a single entry from the blog posted on March 24, 2008 9:48 PM. The previous post in this blog was Woman to woman. The next post in this blog is Portland sewer debt climbs 21.63% over 13 months. Many more can be found on the main index page or by looking through the archives.

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Monday, March 24, 2008

House of cards contains many jokers

When Bear Stearns's value dropped from $35 a share on a Friday to $2 a share the following Monday, that shook everybody up. Now, a week later, the buyer, JPMorgan Chase, suddenly jacks up its offer price to $10 a share. Which in some ways is even more troubling.

Does anybody on Wall Street know what the heck they're doing any more? I doubt it. Fellow taxpayers, get your knee pads on. We'll be bailing out these incompetents for decades.

Comments (8)

Not a problem Jack, we can always whip up more phunny money and while we are at it we can cover Portland's unfunded liabilities.

To the contrary, JPM knew exactly what they were doing. A buyout was obviously needed. They were the only party bidding, and that allowed them to lowball the bid.

They probably also realized that once the situation was assessed a little more carefully, they might have to increase their offer price. But if you're bottom feeding, why not give it a try?

Republicans nationwide proclaim the mantle of 'fiscal-conservative' as their own, but Wall Street supports these candidates with a wink and nod. While the GOP nickel and dimes programs that were once expected of government, they have no problem doling out welfare to defense contractors, insurance, media, telecom and financial conglomerates (just to name a few).

When you take into account what this administration has spent on the misguided Iraq war, Homeland Security, the numerous bailouts, earmarks, etc etc... the sum total absolutely dwarfs anything conservatives fear liberals could dream up in a perfect storm. And to hear the Fox News 'pundits' spin deregulation as a Dem issue? I... want... to...puke.

TKrueg is right. The GOP certainly have their buddies. It seems to me that Bush 41 & 43 both left the country poorer financially when they left office.

Of course when Clinton raised taxes to ease the deficit he was portrayed as a typical liberal.

I can see that if (I used to say when) a Dem is elected in '08 they'll be in the same fix. They'll have to try and clean up 43's fiscal mess - then get hammered for doing so. I see a pattern emerging.

Anyway, it's hard to tell the two parties apart most days. All hogs get s***ty at the trough.

What I find so pathetic is that when the English zillion-aire became outraged that @$2.00 per share he would lose a billion dollars, so JP and the boys at the Fed decided to up the anti. Of course this is done by John Q Public picking up the tab.
So while the neo-conserves are up-in-arms over social entitlement programs they see nothing wrong with entitlement programs for the rich and famous. Not much in media about tax-payers getting screwed...kinda like Portland's fiscal-irresponsibility

"JPM knew exactly what they were doing"

I concur, things looked like they were bordering on meltdown, so they needed to throw together a deal over the weekend. Which is kind of hard to value when no one knows (good or bad) the extent of exposure to bad loans.

(Citing quibble, owed Portland's, (and Lewis and Clark's ?) veritable swallowtail nightingale, Jawin' a Fark, the full-descent quote -- and quite appropos in the context, here -- is: "get (our) President knee pads on;" not to be confused with the other Portland Lady Hard-Ding's quote, "take the knee caps off.")

And actually contrary to the alluding question, everyone goldbricked in on Wall Street knows what the heck they're doing ever the more.

The Financial Foundations of the American Century, by F. William Engdahl, Global Research, January 16, 2008 - The Financial Tsunami, Part II.

The ongoing and deepening global financial crisis, nominally triggered in July 2007 ... can best be understood as an essential part of an historical process dating back to the end of the Second World War — the rise and decline of the American Century. ... was built on the preeminent role of New York banks and Wall Street investment banks ... as the center of gravity of global finance.

A then top-secret ... series of studies designed to lay the foundations ... 1939, ... the American Century would be packaged and sold to the world, ... as the guardian of liberty, democracy ... the champion of free trade everywhere ....

The core of the War & Peace Studies ... was to be the creation of a United Nations organization. ... A central part of that ... — the International Monetary Fund and the International Bank for Reconstruction and Development or World Bank.

It was a brilliant, if fatally flawed concept.

Important to place the emergence of the asset securitization revolution in global finance which is now impacting the world financial system in wave after wave of new shocks and dislocations ... a brief review of the distinct phases in postwar dollar hegemony is useful.
-- The Golden Years of America’s Century
-- The 1971 dollar coup
-- Debt becomes the vehicle
-- The Carter dollar confidence crisis
-- The Shock Therapy of Volcker doubled US official unemployment
-- America’s Second Revolution: the eyes on the Prize

NOTES
* For an excellent historical account of the impact of those systematic government statistical manipulations, see John Williams’ www.ShadowStats.COM
* The best treatment of this new role of endless debt creation backed by US military power as the foundation for the US domination, see ... Michael Hudson,
Super Imperialism: The Economic Strategy of American Empire, www.Michael-Hudson.COM
* F. William Engdahl is the author of
A Century of War: Anglo-American Oil Politics and the New World Order ... Contact at: www.Engdahl.OilGeopolitics.NET

Whereat, see especially:

World Finance and Monetary Designs after WW I - Montagu Norman and Benjamin Strong, By F. William Engdahl

Some unconventional reflections on the Great Depression and the New Deal, By F. William Engdahl

---

Show of hands, sound of mouseclicks, who missed the memo ... anyone? ... anyone? ... anyone

packaged and sold to the world ...

In reporting "surprising good news on sales of existing homes," ABC ignored 24 percent decline in sales from Feb. 2007

role of endless debt creation backed by US military power as the foundation ...

Matthews: "4,000 people are dead now because of decisions made by politicians like the Clintons"

"Fellow taxpayers ... be bailing out these incompetents for decades"

... the value and purpose of your American life.


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