JP Morgan bought Bear Stearns for 3 cents on the dollar. Even at that firesale price, the US Gov guaranteed JP Morgan they would absorb their losses on the deal—think about that one and tell me things aren’t really bad. Where is our already broke Government going to come up with all this $$ when they can’t sell their devalued treasuries? And the Bear Stearns failure is probably the first of many to come. Something is going to give soon. It will not be pretty.
I just need to hang on a few more years and collect my early Social Security, that's been a great government managed plan I can depend on. /sarc.