Bear Stearns a short time ago was one of the largest investment on the planet. In January of last year the company was worth 20 billion dollars. It was just sold for 236 million to JP Morgan (one of the founders of the Federal Reserve). It's 52 week high was 152 dollars a share and as recently as 3-14-08 stock prices were 63 dollars per share. JP Morgan bought it for just 2 dollars a share. Sound legit? Well it isn't the Federal Reserve gave it's insider JP Morgan chase 30 billion dollars to cover the deal. That is the way things get done on wall street Big Banks insiders make out like fat cats and the little guy like you and me investors get screwed.
If that doesn't wake you up I don't know what will. That proves beyond a shadow of a doubt how overvalued the stock market is today. The economy is just a dog and pony show anyway and it is beginning to collapse around our feet.
We live in rough times as most everyone knows. Inflation is around 16% for the past few years, gas is at record highs. The housing market is in the sewer and showing absolutely no signs of a rebound in the foreseeable future. To top it all off the vast majority of Americans are so damn stupid they just pass over a candidate that would've righted our sinking ship. So at this point I think the average American gets what they deserve. There is a high price to pay for having your head in the sand and believe me it is about to be exacted from the populace to the Nth degree.
