Curent market conditions alla my take

Lets start with the recession, is there or isn't there?
Oh come on now are you serious, there totally is. Have been in one now since last September. By definition it starts when we have 3 consecutive down months. Do I need to show you charts?
Depression? Well lets start with were over due for one. The federal government is back testing how to best weather a depression now. The Church I attend has been warning for some time now for everyone to get their finances in order. And apparently are reiterating a last minute effort to get out of debt.
That last item is the one that concerns me the most and angers me the most. It seems to me that the government awards those that spend more than they can afford. and I'm not just talking about the Americans any more. The Canadian government is stepping up to follow in the US Governments foot steps. Bail out those that over extend themselves with credit. How sub-prime mortgages, liquidity crisis.
OK, Bear Stearns. How does a company that was valued at $159.36 just one year ago go to $2.00 one year later? OH my head hurts. where do i start, how about Enron, and Worldcom all over again. How does the CEO wake up one morning and state to the world that he had no idea that they were so over extended until 24hrs earlier. LIAR these people need to locked in a jail somewhere and have the keys thrown away. The Board of directors as well as the CEO, CFO...
Will justice be served in this mater? Not likely.
To make matters worse JPMorgan is only a mediator between the Fed and Bear Stearns. BS need to repay its own loans even though JPM now owns BS. So in essence JPM gets a free loan for there new company BS and will never have to pay it back because BS is going to be insolvent. The Fed is stuck with bad loans backed by even worse mortgages. In the mean time JPM will strip BS of any value and leave the tax payer on the hook. The Fed just keeps shoveling the prairie oysters to the tax payer, and your expected to thank them for it.
But this isn't just happening with the big boys this is happening all the way down the line to the little guy. so if I had more incite I should have over extended myself bough too much mortgage, maxed out a second mortgage for additional properties, bought boats and trips and ... and I would have been doing my part to stimulate the economy; because in America 2/3 of the stimulus to the economy is consumption by consumers. And my reward for all this, living the high life, having the tax payers repay my losses and still own my fortune...HURL.
The Fed as of Wednesday has $703.4 Billion dollars of sub-prime mortgages. So feel free to default on your mortgage the government wont do anything they will how ever just increase your taxes to make up for it, eventually.
Oh and the whole auction process of obtaining these fed loans discuss me...
And today, Americans are so worried that they are starting to consider pulling their cash out of the banks than run the risk of losing their money because the bank is closed and their money is gone. Where is all this cash coming from? it can't the majority of world currency is electronic which would mean that the government would need to print Trillions of dollars to feed the consumer for exchanging their electronic currency for cold hard cash. OH wouldn't it be something if the every day American decided to exchange their Dollars for another Currency? KaBoom!
On to Canada. Our Government is bailing out the Canadian banks that took on bad American sub-prime mortgages. Look, if the Canadian banks were stupid enough to get involved in another countries mess then their bad, but don't mess with MY surplus because of your bad management.