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The largest mortgage lender (Countrywide) is insolvent, the two largest bond insurers (MBIA and Ambac) are insolvent, the largest bank/brokerage (Bear Stearns) is now insolvent, and hedge funds are “snapping like twigs”.
The Fed is furiously swapping cash for trash, trying to explain away the lifeless parrot (Bear) at the bottom of the cage. “It’s not dead; it’s just stunned.”
"My guess is by next week, there will be rumors of other large, familiar institutions" that could be in trouble, said Anil Kashyap, a professor at the Graduate School of Business at the University of Chicago. Fed and Rival Bail Out Bear Stearns
Take a peek behind the curtain, and who is busy is pulling levers? … Citibank and JPMorgan Chase (Rockefeller and Morgan families) via their ownership of the Federal Reserve Bank of NY, itself majority owner of the Federal Reserve. You could see them at work last year, preparing for the completely foreseeable future, Fed Bends Rules to Help Two Big Banks.
Hey, if you controlled the national banking system of the United States and your family fortunes were on the line, who would you save, your own ass or the public’s?
Meanwhile the Lone Ranger (Spitzer) couldn't keep his pecker in his pants, and will be replaced by a blind man (Paterson) to hold watch on Wall Street.
