The BBC is reporting that JPMorgan is not only bailing Bear Stearns out using money from the New York Federal Reserve, but before the markets even open on Monday, they’re poised to buy Bear Stearns for $2/share. On Thursday Bear Stearns closed at $57/share. This is, by any measure, a complete collapse of one of Wall Street’s biggest banks/investment firms. I wonder if this is an isolated situation or a harbinger of things to come.

I just finished reading The Party’s Over. I must say I’m not feeling overly optimistic about either the short or long term tonight…