If the U.S. economy were a car, all of its warning lights would be flashing red. The breathtaking collapse of investment bank Bear Stearns over the weekend is the latest — and perhaps the most alarming — indicator to flash on the economy's dashboard.
The story of Bear Stearns isn't just a saga of a spectacular Wall Street failure. The company's failure signals far deeper problems with the nation's economy and raises questions about the consequences of Bear Stearns' problems for ordinary Americans.
When Bear Stears was sinking, the Fed threw them a $30 billion lifeline -- one we're expected to pay for. When NOLA was sinking, Bush spared them 10.5. Tells you where the priorities lie, huh?