Over the weekend, J.P. Morgan Chase agreed to buy the once mighty Bear Stearns for $2.00 a share. Also over the weekend, the Federal Reserve cut interests rates and created a new lending facility to bail out the bankers who gambled big-time with other people's money -- certain that they were too big for the government to let fail.
In an earlier day, American newspapers would be reporting that there is panic on Wall Street. Today, that's unlikely to be reported until most of the unregulated "free market" tycoons who concocted this disaster have safely pulled the cords on their golden parachutes (note: Bear Stearns execs reportedly forgot their parachutes).
The rest of us are going to have a hard landing. (One UK paper is comparing it to the "great depression." The Agonist also uses the word "depression" and gives an analysis of what is happening.)
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