I'm sure I'll be adding to this extensively over the next 24 hours, but so far my favorite quote on Bears Stearns being bought for a tenth of what it sold for a week ago, and 1.25% of what it sold for a year ago, comes from the usually more savvy Andrew Ross Sorkin at the NYT:
The cut-rate price reflects deep misgivings about the firm’s prospects.
Gee Andrew, you think?
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