tag:blogger.com,1999:blog-9453798.post-60876285681370623632008-03-18T11:27:00.000-04:002008-03-18T11:27:00.000-04:00I agree, the BSC/JPM deal was not made for BSC shareholders. It was done to give the market confidence that the Fed will help backstop those facing liquidity issues and that in the future investment banks will have access to capital from the Fed. <BR/><BR/>You can surely say it was too late since BSC was a casualty, but BSC shareholders are getting $2 per share in JPM stock whereas the alternative was that they get nothing. Also, half of BSC's employees might keep their jobs by staying on with JPM. Clearly it was not an ideal outcome, but it was better than an all-out bankruptcy for the parties involved (albeit not for true free market proponents).<BR/><BR/>And you are certainly right about the weak dollar, but correcting that problem will take years and a complete change in the philosophy of those who choose to constantly print dollars whenever they are wanted. I don't think the Fed alone can solve that one, even if they wanted to, unfortunately.Chad Brandhttp://www.blogger.com/profile/13124194049618873621noreply@blogger.com