Saturday, March 29, 2008

The Associated Press' Tortured Logic

US Ponders: How Deep Is Economic Abyss? (emphasis added):
NEW YORK (AP) — For months, Americans have been subjected to a sort of economic water torture — a maddening drip of bad news about jobs, gas prices, sagging home values, creeping inflation, the slouching dollar and a stock market in bumpy descent. Then came Bear Stearns. One of the five largest U.S. investment banks nearly collapsed in a single day before the government propped it up by backing emergency loans and a rival stepped in to buy it for a paltry $2 per share.


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