It was the takeover heard-and felt-around the world.

The Feds–and JPMorgan Chase–emergency bailout of Bear Stearns this weekend has put potentially thousands out of work and has caused  shares of other banks–in Europe and in Asia–to fall this morning.

There is clearly a mood of deepening crisis.

President Bush’s too little,too late speech Friday did nothing to help.

We do need to hear from presidential candidates Barack Obama, Hillary Clinton and John McCain on what plan, if any, they might have should they get elected president?

Jobs

JPMorgan Chase bought Bear Stearns yesterday for about $2 a share ,which is some 90 percent below its price only last week.

About 14,000 people work there;and jobs are now being eliminated rapidly.

Banks in Switzerland, Britain, France and Japan, among others, saw their shares fall as much as 10 percent.