How come all those investment banker types are always denouncing government intervention in this, or government intervention in that–but, when an investment bank’s you know what hits the fan, what happens? They go crying to Uncle Sam for help!

Bear Stearns is this country’s fifth largest investment bank.

Just a few days ago, it said (lied????) that it most certainly did not have a cash crunch and rumors to the contrary were false.

What apparently was false, was what Bear Stearns said. Now it says things changed dramatically in just the last 24 hours! Yeah, right. And I am Yana, the supreme elephant God of India. 

Well, you know what they say: Does a Bear s–t in the woods? In this case, does Bear Stearns have a big problem on its hands? 

YES!!!

And, so do we.

The Federal Reserve and JPMorgan Chase (that’s the big bank that rips people off with 29 percent interest rates on Visa cards)had to come to the rescue providing a 28 day emergency line of finance.

“Our liquidity position in the last 24 hours,” says Bear Stearn’s chief executive, has changed.

Right. The position that really changed was that yesterday, Bear Stearns was f–king us in the mouth, now it’s f–cking us up the rear. Either way, we’re f–ked!

There is nothing to fear but fear itself; but let’s fear this one!

Stearns shares took a nosedive–as much as 50 percent.

The global credit crisis now worsens

Reuters says that “industry watchers predicted dire consequences for the bank going forward, suggesting that one alternative would probably be a sale.

Dollar goes down, down, down, down, down, down, down (you get the idea)

After the announcement by Bear Stearns that its cash position, or lack of it, forced it to get emergency aid, the U.S. dollar hit yet another low against the euro.

If the dollar gets any lower, we may as well use Monopoly money for currency. It will probably be worth more.