Sunday, March 16, 2008

Again, I would be remiss...if I didn't mention the Bear in the living room

and if I didn't comment upon JP Morgan Chase's tendering an offer in principle to acquire Bear Stearns for $2.00 per share. The offer is shockingly low, and it's sad to see such an ignominous ending to a long-time scrappy player on the street. Lots of whispers about the long term viablility of Goldman Sachs and Lehman. This would truly be shocking as Goldman and Lehman are two of the last of the old time, white shoe investment firms on the street.

The signs are bearish.

I also don't remember the last time the Fed cut rates on a Sunday. The formation of a new lending facility for broker dealers is big news, too. Way.

Buckle up, possums. Monday looks like it could be a bumpy one. Japan stocks slide 4%, credit fears abound.