More Stock Exchange Turmoil

Once again there is panic in the stock exchanges almost like that of 1929. Another major financial institution - Bearn Stears - appears to be in trouble and once again J P Morgan apears to be coming to the rescue.
This crisis appears to revert back to the Sub Prime lending scandal that manifested itself in July last year in the US. A scenario where banks lent money to parties that they knew didn't have the repayment capacity and then compounded the issue by packaging up bundles of these loans and mortgages and selling them on as investments to other financial institutions. Thus this virus spread throughout the international fianancial system.
All these highly qualified, highly paid, financial movers and shakers appear to lack one basic ingredient: common sense. They also seem to lack basic accountability for their actions; sometimes I think reckless if not indeed criminal..
Then the US economy has other burdens not least the 12 billion dollars monthly that the ill conceived war in Irak is costing! An unwinnable war that, added to their committment in Afganistan, is worrying. Perhaps it's time to consider the legalisation of drugs but; more of that anon.
It highlights once again the volatility and indeed intangibility of the stock exchanges. It highlights once again that with property purchased at a reasonable price, in the prevailing market conditions, one can rest easier at night. Now may be the time to invest in bricks and morter.
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