photo via First People
Quote for the day:
"Let a man meet a bear robbed of her cubs, Rather than a fool in his folly."
Proverbs 17:12
In the news:
"Bear Stearns Cos. shares plummeted a record 53 percent after the New York Federal Reserve and JPMorgan Chase & Co. stepped in to rescue the fifth-largest U.S. securities firm with emergency funding. After denying earlier this week that access to capital was at risk, Bear Stearns said today that its cash position had "significantly deteriorated" in the past 24 hours. The New York Fed agreed to provide financing through JPMorgan for up to 28 days, the bank said in a statement today."
February's CPI rose 0.3% from January 2008. Year over year prices are 4% above where they were 12 months earlier, down from the 4.3% rise in January. Core CPI had a 12-month change of 2.3%, below a 2.5% rise in January.
"The United States is in a recession that could be "substantially more severe" than recent ones, National Bureau of Economic Research President Martin Feldstein said on Friday. NBER is a private sector group that is considered the arbiter of U.S. business cycles. "The situation is very bad, the situation is getting worse, and the risks are that it could get very bad." "There's no doubt that this year and next year are going to be very difficult years." Feldstein said the downturn could be the worst in the United States since World War Two." Sphere: Related Content
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