If there remains any doubt that the US is in the full throes of a new golden (or, more appropriate yet, platinum) age for the megarich and the megaricher, consider some tidbits from the business community today:
1) JPMorgan Chase acquires Bear Stearns for a paltry $2/share–barely one-tenth of its trading value just last Friday–backed with the full faith of the Federal Reserve and the obvious blessing of even the European media. (Because I’ve often lamented that JP needs to have an even stronger influence on the US economy than it already does…)
2) Former Qwest CEO Joe Nacchio’s 19 convictions on insider trading were overturned today by the U.S. 10th Circuit Court of Appeals. (Nacchio was charged with 42 counts and convicted on less than half of them. Oh, sweet sweet justice…)
3) Oil hit an all-time trading high today at nearly $112 a barrel. (I fielded two frantic emails and phone calls from students just this morning who are having difficulty affording the drive out to the commuter campus where I teach in order to turn in their final projects, and essentially being forced to choose between their educations and their gas tanks…)
Viva la capitalism, baby.