Have heart folks...

Amazing how upbeat the U.S. markets and media are, considering a recession hasn't even officially occured, or corrected. Interesting how the media have turned what happened at Bear Stearns as a "success". In the meantime, CIT and other consumer lenders are having a tough time surviving because no one will lend them money to live up to their commitments.

I think perhaps we have arrived at the creamy middle in JP's theory. I'm amazed at the ability of otherwise rational people to put positive spins on what is essentially a bankruptcy. In fact, I'm wondering if the company at bankruptcy would be worth MORE than what J.P. Morgan has paid.

They can trade gold down for a while. And investment will come into the U.S. at such low interest rates. But pretty soon the U.S. dollar will look like the peso. All of which JP has been predicting.

MR