JPMorgan to buy ailing Bear Stearns for $2 a share

• "a stunning collapse for one of the world's largest and most venerable investment banks."
• "JPMorgan's acquisition of Bear Stearns represents roughly 1 per cent of what the investment bank was worth just 16 days ago."

LINK

Now I am starting to get scared, this is starting to get really ugly!! Is tomorrow going to be another "Black Monday"!!!??? Are we in for another Great Depression??

I will go as far to say that there will be some very sad looking bank stocks after tomorrow.

OUCH!! DOW below 12,000 others dropping.

S&P/TSX -192.20

13,168.24


DJIA -214.84

11,825.55


S&P 500 -21.56

1,282.78


Nasdaq -32.33
2,188.17

Buffett sitting on his wallet

I couldn't agree with Warren any more. I have sold all my stocks and I am sitting in 5% GIC's, plus I am saving cash like crazy.


"Equity markets are not yet bargain-priced and there's more pain to come on Wall Street because of the debacle in U.S. mortgages, says Warren Buffett, the world's second-richest man.
“I was 370 points giddier yesterday at the end of the day than at the start of the day,” he said, referring to Tuesday's 2.9-per-cent decline in the Dow. But, he added, “I'm not giddy yet. Things are not ridiculously cheap.”" LINK