CNBC World is all over the Bear Stearns buy out. Patricia Svaras in Germany says in Europe everyone wants to know who will be next. She rightfully points out at the end that, unlike the dot com bubble, this was a gold plated company that packaged junk and sold it as gold. The end result is Bear Stearns, which weathered the '29 crash, sells for less than Bill Gates pocket change.
The Prognosis: One analyst I hope to get on the show said financial services companies will be watching the markets between 2PM and 4PM tomorrow afternoon ... and then through Wednesday. This could get ugly. Hopefully not. Hopefully markets are overreacting. Hopefully.
