Countertops

E.J. Dionne:

The Wall Street titans have turned into a bunch of welfare clients. They are desperate to be bailed out by government from their own incompetence, and from the deregulatory regime for which they lobbied so hard. They have lost "confidence" in each other, you see, because none of these oh-so-wise captains of the universe have any idea what kinds of devalued securities sit in one another's portfolios.

John Cole:

You have to wonder why there have been no counter-top investigations. When Graeme Frost made the profound mistake of telling America that he had benefitted from a government program in the debate over the SCHIP expansion which would cost the taxpayers a similar amount, he got the full-on Beauchamp. Personally, I need to know what the countertops look like at some Bear Stearns households.

The countertops were apparently pretty darn nice.

Across the firm, executives and employees declined to speak publicly, a reflection of the fluid events as well as a reluctance to anger their prospective bosses from JPMorgan who were already on the premises Monday, appraising their new investment.

But privately they expressed raw dismay, their voices heavy with sadness and shock.

"My life has been flushed down the drain," said one person. There was talk Monday that with their life savings nearly depleted, some executives had moved quickly, putting their weekend homes on the market.

(And for those of you who may not know what the "countertops" stuff is all about, you can catch up on it here.)