Morning Buzz: March 17, 2008

JPMorgan Chase & Co. struck a deal and will absorb Bear Stearns, once one of its largest rivals on Wall Street, for a shockingly low price of $2 per share. Bear Stearns bet on mortgage-backed investments and is now the first major bank to be undone by the subprime mortgage market's collapse. Unwinding Bear Stearns, the nation's fifth-biggest investment house, should provide insight into what other financial institutions might have on their books.

Two prominent Republicans are visiting Iraq today as the capital city of Baghdad has been rocked by explosions. Presumptive Republican presidential nominee John McCain and Vice President Cheney are visiting the country and its leaders. Earlier today McCain met with Prime Minister Nouri al-Maliki shortly before the Iraqi leader began separate talks with Cheney. McCain has linked his political future to U.S. military success in Iraq. 

Parts of downtown Atlanta are still off limits to commuters this morning as city and state officials continue their efforts to assess the amount of damage caused by a tornado that tore through the area Friday night. The storm, which cut a 6-mile path through the metropolitan area with estimated winds around 130 mph, injured at least 27 people. Two deaths were reported from a related storm in northern Georgia on Saturday.