Last week in Wall Street:

Apologize for the late article this week. Not sure what the hell I was doing, but I did became lazy.

Anyway, last week in Wall Street, who cares ah??? :) To date, the recent liquidity measures implemented by the Federal Reserve seem to have been helpful in addressing some of the strains in financial markets. Funding pressures appear to have eased somewhat, and liquidity seems to have improved in several markets. But "while acknowledging for the first time that the economy may be in a recession", Bernanke told the Joint Economic Committee of Congress last week that the Fed's actions ``will help to promote growth over time and to mitigate the risks to economic activity.''

Joint economic committee meeting was indeed very interesting to watch. Ben did take many jabs but did stood put in the 13 round boxing match with the congressmen. To me, many of the congressmen questions looked very legitimate to me. One of the congressmen did asked Ben to explain what assets were taken as collateral by Fed for 30 Billion dollar and are those assets worth?

Not many solid answers for this question, raised the question to me personally, that did Fed made a sound investment in this Bear's deal or they just helped to avoid a economy meltdown. Lets put this way, if Bear's dont pay in 10 years, (I believe the deal is for 10 years)... Fed own's those assets.. I dont think Fed would have taken just a plain pan shop as collateral, may be some sky scrappers in waters street, who knows....

Anyway, I was reading an article on the salary of the Top CEO's of the Wall street, damn fuckers, they earn around 31 Million Dollar/Year. And the average mean salary of an asian men in America is 53,000$. Yes, they are the key to the business world, but 31 Million, that is f***ing big.

Yet another blow to the economy came with the news that, Job loss was estimated to be 80,000 just for March. Wallstreet Journal came with the estimate to anticipate further job cuts. But honestly, from my friends circle in wall street, trading floor. Not many of layoffs happening this season because of the lesson wall street learned during last bubble. During 2001, due to a bubble, wall street did layoff many people, but when the economy boomed, they couldnt find the resources back. They say, companies have flushed many stupid junks who used to sit in office seat and rubbing the rubber with their ass.