Quick Thoughts on the Economy

Bear Stearns, whose market cap is ~$4 billion (a year ago it was closer to ~$100 bn), has agreed to be acquired for $2 / share, or $236 million. This means they're basically worth nothing, or to be more specific, not that they're worth nothing - their building in downtown NY is worth over a billion - but that they've got so much shit on their books that their value is negative.

I'm sure Bush sees a strong economy in the works.

Sit back, relax and enjoy the ride!