Ha, wow, today thre's crazy stuff on the Drudge Report. BRING IT ON i say.
The year 2008 may be a year of decision, not because it is a presidential election year, but because the West may be shaken to its foundations.
The dollar fell below parity with the Swiss franc for the first time on Friday as fears about more credit turmoil and a U.S. recession sparked broad selling of the U.S. currency.
Despite the Federal Reserve's efforts Wall Street fears a big US bank is in trouble
In an unprecedented move Friday, J.P. Morgan Chase & Co. and the Federal Reserve Bank of New York stepped in with emergency funds to keep beleaguered investment bank Bear Stearns Cos. afloat.
The move, after a week of persistent concerns about whether Bear could continue to meet its obligations, took the credit crisis to a new, more serious stage and was a reminder of how quickly an erosion of confidence can undermine even leading financial institutions.
Yeh, intense stuff. Bear Stearns is like the 5th biggest Investment Bank in the World, and looks like they'll probably be bought out by JP Morgan & Chase. Bear Stearns made their big profits from Mortgage Backed Securities, so the tables turn.