If you are considering what is going to happen to the advertising business throughout the rest of 2008, the news tonight that JPMorgan Chase will acquire Bear Stearns in a deal valued at $236.2 million -- or $2 a share -- a stunning collapse for one of the world's largest and most venerable investment banks, should give everyone pause for thought. Just a few months ago Bear Sterns stock was at nearly $160 a share. The government is backing the deal, which means we, the taxpayers, will be eventually stuck with the tab. As the economy continues into deeper recession - in spite of what the "Great Decider" professes, we are already in one - consumers will spend less, advertisers will slash budgets and agencies and their employees will suffer drastic cutbacks. It's going to get a lot worse before it gets better. All we need now is for Bush to invade Iran, and we can lock the doors and put out the lights.
This is for those of you who think the economy is in good shape!
Not sure what your solution to the Bear Stearns debacle is. As far as a taxpayer bailout, I'd rather bailout Bear Stearns, which is a leak in the boat we're ALL in, that bail out people moronic enough to buy houses they could not afford, or support Hillarack Clintama's government hospital service that will surely be part of the New Old Left's agenda starting next January. By the middle of the next administration, The Bush Years will feel like Camelot. Just you wait, 'Enry 'Iggins!
Posted by: sd | March 17, 2008 9:23 PM | Permalink to Comment