Bear Stearns

JP Morgan buys BSC for $2 per share. This is a harbinger of things to come. We may see other financial institutions fail this year as inflation spirals out of control and growth slows causing "stagflation". The Fed is walking a very delicate balance with a meeting scheduled tomorrow at 2pm with a possible 100 basis point cut in the Fed Funds rate. This is a band-aid on a gun shot wound. Housing prices and equities may fall another 10% to bring prices back into equilibrium. Keep your powder dry!!!