With the Fed and Chase backing Bear Stearns is there any chance the bank will survive? I don't think so. Anyone with a brain who is working at Bear has got to be (1) taking any call from a headhunter, (2) updating their cv, (3) praying that the company will give them a very generous severance package and (4) hoping that some sucker will pay top dollar for their overpriced and over-sized apartment in NYC.
If the Bush White House is smart, it would stop funding the Iraq War and the War on Terror and use the monies to (1) nationalize all banks and mortgage lending institutions immediately, (2) start charging countries around the world the going daily rate of $10M to keept US soldiers stationed in foreign lands, and (3) sell off at least 1/3 of its gold stockpile. With gold hitting $1000 an ounce, only a fool would want to hold onto the metal now. Take the money and run - is a smart thing to do.
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