Word: feds
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With Bear shareholders virtually wiped out, half the firm's employees slated to lose their jobs and no golden parachutes offered to the top executives, it wasn't a bailout. But it did take a $30 billion loan from the Fed to seal the deal. This was a truly extraordinary use of the central bank's powers and an indication that the subprime-mortgage crisis that erupted last summer has evolved into something bigger and more ominous--possibly the greatest challenge to the American way of financial capitalism since the Depression...
...immediate market reaction to the deal--and to the three-quarter-point interest-rate cut announced by the Fed two days later--was positive. Stocks rose nearly 4%; credit markets calmed a bit; the global financial system lived to fret another day. And fret it surely will, for the troubles that mauled Bear are far from over...
...Fed Fix Things...
...Some government officials have suggested that while the judge will likely reject her case on Monday, it may be possible for her to be hospitalized and put into an artificial coma without being fed until she dies. That passive form of euthanasia, Sebire objected, was "neither dignified, humane, or respectful of me or my children." Should she lose, Sebire's lawyer says she'll either appeal, if she feels the strength to fight on, or give up her efforts to die in France on her own terms, and check into a Swiss facility specializing in assisted suicide. "It's hard...
...French constitution included the right to insurrection. Perhaps the moment has arrived in Italy to exercise the right to be fed up. To rediscover a true democratic choice. To make the most of our votes, instead of swapping our very destiny for nothing more than a new cell phone. Italy's future is worth a whole lot more than that...