U.S. Fed action comes too late to save Bear Stearns

2 responses

  1. Pete Toth says:

    “The Fed underestimated the subprime crisis.” ???

    They are the architects of this fine mess. Greenspan did more harm than heli-Ben could ever do at this point. Ben’s the fall guy, the patsy, the ancient mariner in this masterpiece. There is nothing he can do but rip the albatross off his neck, throw it overboard, and jump in after it.

    Am I the only one who’s noticed the “coincidental” timing of AG’s “retirement”. Rats jumping a sinking ship (milking the nautical metaphor) is more like it.

  2. Pete Toth says:

    I feel obliged to post this excerpt from “The Rime of the Ancient Mariner” by Samuel Taylor Coleridge

    Down dropt the breeze, the sails dropt down,
    ‘Twas sad as sad could be ;
    And we did speak only to break
    The silence of the sea !

    All in a hot and copper sky,
    The bloody Sun, at noon,
    Right up above the mast did stand,
    No bigger than the Moon.

    Day after day, day after day,
    We stuck, nor breath nor motion ;
    As idle as a painted ship
    Upon a painted ocean.

    Water, water, every where,
    And all the boards did shrink ;
    Water, water, every where,
    Nor any drop to drink.

    The very deep did rot : O Christ !
    That ever this should be !
    Yea, slimy things did crawl with legs
    Upon the slimy sea.

    About, about, in reel and rout
    The death-fires danced at night ;
    The water, like a witch’s oils,
    Burnt green, and blue and white.

    And some in dreams assuréd were
    Of the Spirit that plagued us so ;
    Nine fathom deep he had followed us
    From the land of mist and snow.

    And every tongue, through utter drought,
    Was withered at the root ;
    We could not speak, no more than if
    We had been choked with soot.

    Ah ! well a-day ! what evil looks
    Had I from old and young !
    Instead of the cross, the Albatross
    About my neck was hung.

    (Thanks go out to Bonnie Copeland – High School English Teacher)

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