Boring nerds for a boring economy
I'm amazed at how this is playing out like the post MLK "rally" we had. World markets are hit hard yet we're still hanging on. We might actually avoid a 1929 style crash (which is Bernake's goal.)But this is starting to look like 1930-32 with a brutal grinding down of a bear market. That part may not be avoided without solving that solvency issue banks are having.
Uodates: there's resistence to the buyout by BS shareholders.Joe Lewis who just invested $1B in Bear Sterns, stands to lose 900 million and will not support the buyout. A stockholder activist who bought shares @ $32 on Friday says he believes the stockholders would get a better deal in bankruptcy court.The drama isn't over yet.
2:51 PM: The first stockholder lawsuit has just been announced on CNBC, alleging that Bear management misled stockholders.
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