I don't even want to blog about this catastrophe, let alone my trading day. For the first time I feel like this market and our economy are approaching a point of no return, or at least no return soon.
To that end I had an interesting conversation with a former b-school classmate this past weekend and we both agreed on one thing. The best time to fix this would have been when Bear was sold to JP and the economy, and more importantly consumer confidence, hadn't yet begin its slide.
I'm hard pressed to believe that Paulson and Bernanke thought that out of the hundreds of investment houses, banks and tertiary financials that Bear was the only one in trouble.
