Bear Stearns undergoes Morganization – Bodes well for McCain

SUNDAY, March 16th, in a longstanding tradition of taking over troubled businesses and making them better, JPMorgan Chase & Co. announced it would acquire the flailing investment firm Bear Stearns for 2$ now $10 a share with support from the Federal Reserve via an emergency, discounted rate cut. Reorganization, or “Morganization” is expected to take place during the next few months, cutting more than 7,000 jobs.

This classic, Morganesque move, reminiscent of similar actions on the part of JP Morgan during the Panic of 1893, may be good news for Republican presidential candidate John McCain should the same Wall Street money choose to back his campaign and if populist candidates continue to treat businesses with contempt.