You thought the housing market is bad, the credit crises continues its amazing downward spiral. The fear is this type of swift meltdown is just the beginning. From a multi billion dollar company (24 billion at its 52 week high) to be sold for 236 million virtually overnight, is nothing less than shocking.. and fearful. Poor ol Bear Stearns!

The biggest sign of how devastating the credit crisis is for Wall Street, slammed the U.S. dollar to a new record low against the euro and pummeled Asia stock markets early Monday.  The housing crises is truely nothing in comparison of the downfall of the global credit market. Whats to blame you ask…. how about international greed at the biggest levels! Bear Sterns and its big stick is now limp.

[nms:wall street journal,8,0]