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  1. #1

    Bear Stearns Bank

    Well I'm sure that everyone is aware of the recent failure of Bear Stearns Bank. I have been struck lately by the obvious concern on the faces of the various government officials (e.g. Sect. of Commerce, Fed Chairman, etc.) as they try to reassure the country and the world that all is well. But as to this latest issue with a major bank failure, well I'm wondering if that takes it to the next level.

    Also, I would like to hear everyones opinion on the "bailout". I will quote a line I heard on ABC News tonight; "...the free market did not work today, the government did...". The story went on to ask the obvious question; why has the Republican Administration been so reluctant to "interfere with the free market" when it comes to homeowner "bailouts", but are willing to circumvent that sacred principle in order to "bailout" Wall Street investors?

  2. #2

    Re: Bear Stearns Bank

    Quote Originally Posted by alaskacouple View Post
    Well I'm sure that everyone is aware of the recent failure of Bear Stearns Bank. I have been struck lately by the obvious concern on the faces of the various government officials (e.g. Sect. of Commerce, Fed Chairman, etc.) as they try to reassure the country and the world that all is well. But as to this latest issue with a major bank failure, well I'm wondering if that takes it to the next level.

    Also, I would like to hear everyones opinion on the "bailout". I will quote a line I heard on ABC News tonight; "...the free market did not work today, the government did...". The story went on to ask the obvious question; why has the Republican Administration been so reluctant to "interfere with the free market" when it comes to homeowner "bailouts", but are willing to circumvent that sacred principle in order to "bailout" Wall Street investors?
    Just saw this on another board that I frequent:
    Lehman Bros. Bank is down 20% in after hours trading. Given it's similar profile to Bear Stearns, it's likely to be "rescued" tomorrow. There's rumblings that Washington Mutual and Citigroup are in trouble as well, plus (based on who was holding Bear Stearns and Lehman) Vanguard, Putnam, and Legg Mason. The financial system is going to take a sucker punch tomorrow, and if Lehman survives to make its earnings report, it's going to deal a body blow to the financial sector. And then the Fed will bail everyone out, and we'll have double-digit inflation by the end of the year.
    So joy of fucking joys. What you posted is correct. The free market did not work Sunday / Monday. These bailouts are doing more harm than good. It seems that there is a mentality of corporate capitalism when times are good, corporate socialism when times are bad. This is seriously wrong. What this sort of thing is doing is allowing private enterprises to reap huge rewards during good times with out those organizations having to pay any sort of price for the bad times.

  3. #3

    Re: Bear Stearns Bank

    Quote Originally Posted by alaskacouple View Post
    Also, I would like to hear everyones opinion on the "bailout".
    I'm not aware of a bailout of Bear Stearns. If you could provide a link to such a story, it would be greatly appreciated.

  4. #4

    Re: Bear Stearns Bank

    Corruption in politics and economics.

    There's nothing new in the world, just new people doing it.

  5. #5

    Re: Bear Stearns Bank

    Quote Originally Posted by alaskacouple View Post
    Well I'm sure that everyone is aware of the recent failure of Bear Stearns Bank. I have been struck lately by the obvious concern on the faces of the various government officials (e.g. Sect. of Commerce, Fed Chairman, etc.) as they try to reassure the country and the world that all is well. But as to this latest issue with a major bank failure, well I'm wondering if that takes it to the next level.

    Also, I would like to hear everyones opinion on the "bailout". I will quote a line I heard on ABC News tonight; "...the free market did not work today, the government did...". The story went on to ask the obvious question; why has the Republican Administration been so reluctant to "interfere with the free market" when it comes to homeowner "bailouts", but are willing to circumvent that sacred principle in order to "bailout" Wall Street investors?
    The rest of the world sees the American state/ economy as a Fascist state.
    From inside you still see a democratic capitalist state.
    In either case it is a failed state.

    Your middle class is systematically being eliminated.
    Your never ending wars suck the cash to the top of the hill while the young are left ignorant and dieing both at home and abroad.
    It is now widely known world wide that the U.S. forces are stretched o the limit. Another front is inevitable. Your country is losing this war badly as did the soviets.. It bankrupted them to try to take the middle east, it will the US too.
    Another disaster and the economy will collapse to depression.
    We are all in the midst of world wide economic upheaval no less dramatic to your personal future than a Tsunami.

    Unfortunately my now conservative gov't is in lock step down the toilet with yours for the simple reason that it is all the same few individuals at the top calling the shots world wide. The hyper wealthy are doing well and getting more power centric daily.
    You and I will be out of fuel in 5 years, likely less.


    I demand respect for my journey, but I offer submission to the worthy.

  6. #6

    Re: Bear Stearns Bank

    The reality of the bailout the Fed is engaged in--it has to be done for if the whole banking/financial system does totally collapse--we will all be screwed.

    But more specifically---Bush and those of his type----don't really care a whit for anyone who does not have a net worth of at least a few million or so--ya really don't count too much to them until someone get's to the 100 million or better range.

    They say that it is likely we have not yet seen the bottom of this financial crisis---many more shoes are yet to drop.

    I would say---like a ship getting ready to head to sea in heavy weather---every one had better shut all of the porthole covers---secure everything above and below decks--seal the dogs on the hatches---turn the bow into the seas and hang on tightly because it's going to be a really rough ride--let's just hope that the ship doesn't get hit by a rogue wave that takes her down to Davey Jones locker!!
    "Injustice anywhere is injustice everywhere..." Dr. Martin Luther King, Jr.

  7. #7

    Re: Bear Stearns Bank

    War on energy.
    The United States needs to declare war on energy. I'm an arch-conservative; but there are times that one must tread the 'liberal' route, for society to progress/adjust.
    As the tide of oil begins to regress over the next three decades, there'll be enough war in the middle east over the remaining riches to keep Iraq and Iran busy.
    USA should not abandon it's military investment; history is rife with downfall of every major civilization by military decline/conquest.
    However, only a very decentralized energy source/distribution will make USA stronger. Let's learn from Brazil.
    White reflective roofs for every building in USA. Solar water heaters (or preheaters) for every building in 'the South'. Mom and Pop alcohol distilleries in every county. Public/non-patented bacteria/yeast/mold that extracts energy from cellulose. Although there is a genetic engineering danger of creating something that will not discriminate between living and dead cellulose...
    Nothing unites a people like a common enemy. Let's see centralized expensive energy as the enemy (ignoring over population for a little while).
    ... or did I have too much coffee this morning?

  8. #8

    Post Re: Bear Stearns Bank

    you have to rely on yourself, not the government. they get paid for being there regardless if they do a good job or not. so sometimes they honest and sometimes they not but seems like more and more have their hands in the cookie jar. they just care about themselves and not you or me, at least most of them. people are voting for the new candidates because they are either a female or black or a war veteran, not for the issues or any actual remedies that a candidate has. the 3 front runners all says change, change and more change but no actual plans for anything and all have skeletons in their closet. ron paul is the only truly qualified candidate who can clean up the whole mess and most of the population doesnt see this as their are ignorant or running with their feelings instead of understanding facts and history. if he doesnt get elected, the country is in sad shape and will get worse.

  9. #9

    Re: Bear Stearns Bank

    Quote Originally Posted by the mage View Post
    The rest of the world sees the American state/ economy as a Fascist state.
    From inside you still see a democratic capitalist state.
    In either case it is a failed state.

    Your middle class is systematically being eliminated.
    Your never ending wars suck the cash to the top of the hill while the young are left ignorant and dieing both at home and abroad.
    It is now widely known world wide that the U.S. forces are stretched o the limit. Another front is inevitable. Your country is losing this war badly as did the soviets.. It bankrupted them to try to take the middle east, it will the US too.
    Another disaster and the economy will collapse to depression.
    We are all in the midst of world wide economic upheaval no less dramatic to your personal future than a Tsunami.

    Unfortunately my now conservative gov't is in lock step down the toilet with yours for the simple reason that it is all the same few individuals at the top calling the shots world wide. The hyper wealthy are doing well and getting more power centric daily.
    You and I will be out of fuel in 5 years, likely less.
    Mage,

    I always enjoy reading your input and comments (although I must admit that they leave me somewhat unsettled - perhaps you are hitting to close to the truth for comfort?). Might I ask if you and any of your fellow Canadians are doing anything specific in the way of preparations for the impending difficulties that you predict?
    Quote Originally Posted by Bluebiyou View Post
    War on energy.
    The United States needs to declare war on energy. I'm an arch-conservative; but there are times that one must tread the 'liberal' route, for society to progress/adjust.
    As the tide of oil begins to regress over the next three decades, there'll be enough war in the middle east over the remaining riches to keep Iraq and Iran busy.
    USA should not abandon it's military investment; history is rife with downfall of every major civilization by military decline/conquest.
    However, only a very decentralized energy source/distribution will make USA stronger. Let's learn from Brazil.
    White reflective roofs for every building in USA. Solar water heaters (or preheaters) for every building in 'the South'. Mom and Pop alcohol distilleries in every county. Public/non-patented bacteria/yeast/mold that extracts energy from cellulose. Although there is a genetic engineering danger of creating something that will not discriminate between living and dead cellulose...
    Nothing unites a people like a common enemy. Let's see centralized expensive energy as the enemy (ignoring over population for a little while).
    ... or did I have too much coffee this morning?
    Blue,

    Some good thoughts there I think - some things that we could all do to not only conserve our dwindling energy resources but also prepair ourselves should the prediction from 'The Mage' turn out to be even partially accurate.

    I myself have been giving some thought to this. I sincerely hate to see people become locked into a 'dooms day' mentality. I saw this happen in the 1970's with the hysteria of our imminent doom at the hands of the invading Soviets. Most of us can become overly pessimistic if we allow our fears to run away. However, there is also the need to be aware and to act in a prudent manner to do what we can if our lives are disrupted by forces beyond our control.

    There are many educated and wise individuals throughout the world who are doing what they can to halt the mad rush to globalization and the ensuing disruption of economies and 'ways of living' that have have sustained us all for centuries. Let's be realistic for a moment; is it not a fact that "globalization" by multi-national corporations is a very new and untried economic model? In many parts of the world ancient and sustainable ways of life are being destroyed in the mad rush to this 'new way'. And we in our own 'advanced society' have increasingly been separated from our own connection with a sustainable pattern of life. It begs the question; How long can we hope to maintain our energy consuming way of life? What will happen to you and your family when it costs more to grow and transport you food than you are able to pay? Would it make sense to begin to "eye" that plot of earth you now have covered in grass with the thought of just how one might go about producing some food on it?

    Anyway, I hate to be an alarmist - but I would also hate to be a fool (especially a dead or starving fool!)

  10. #10

    Re: Bear Stearns Bank

    Yes, yes, quite axiomatic; the higher the fuel prices, the higher everything (including food), and not by just a little bit. To sustain our current standard of living we will have to conserve energy and produce it locally/widely.
    Cheap energy 'fuels' a booming economy.

    Damned caffeine clearly hasn't worn off yet...

  11. #11
    The Barefoot Contess
    Guest

    Re: Bear Stearns Bank

    Quote Originally Posted by the mage View Post
    The rest of the world sees the American state/ economy as a Fascist state.
    From inside you still see a democratic capitalist state.
    In either case it is a failed state.
    Very true.

  12. #12

    Re: Bear Stearns Bank

    Quote Originally Posted by 12voltman59 View Post
    The reality of the bailout the Fed is engaged in--it has to be done for if the whole banking/financial system does totally collapse--we will all be screwed.

    But more specifically---Bush and those of his type----don't really care a whit for anyone who does not have a net worth of at least a few million or so--ya really don't count too much to them until someone get's to the 100 million or better range.

    They say that it is likely we have not yet seen the bottom of this financial crisis---many more shoes are yet to drop.

    I would say---like a ship getting ready to head to sea in heavy weather---every one had better shut all of the porthole covers---secure everything above and below decks--seal the dogs on the hatches---turn the bow into the seas and hang on tightly because it's going to be a really rough ride--let's just hope that the ship doesn't get hit by a rogue wave that takes her down to Davey Jones locker!!
    Maybe Obama will save you?...Socialism is there in places if you want it.

  13. #13

    Re: Bear Stearns Bank

    Quote Originally Posted by the mage View Post
    The rest of the world sees the American state/ economy as a Fascist state.
    From inside you still see a democratic capitalist state.
    In either case it is a failed state.

    Your middle class is systematically being eliminated.
    Your never ending wars suck the cash to the top of the hill while the young are left ignorant and dieing both at home and abroad.
    It is now widely known world wide that the U.S. forces are stretched o the limit. Another front is inevitable. Your country is losing this war badly as did the soviets.. It bankrupted them to try to take the middle east, it will the US too.
    Another disaster and the economy will collapse to depression.
    We are all in the midst of world wide economic upheaval no less dramatic to your personal future than a Tsunami.

    Unfortunately my now conservative gov't is in lock step down the toilet with yours for the simple reason that it is all the same few individuals at the top calling the shots world wide. The hyper wealthy are doing well and getting more power centric daily.
    You and I will be out of fuel in 5 years, likely less.
    You should only really know what Americans think of Canada, thanks for the insult.

  14. #14

    Re: Bear Stearns Bank

    Quote Originally Posted by azirish View Post
    Maybe Obama will save you?...Socialism is there in places if you want it.
    What is this getting to be----the neo-con bisexual website??? Holy cow man---they are coming out of the woodwork now!!!
    "Injustice anywhere is injustice everywhere..." Dr. Martin Luther King, Jr.

  15. #15

    Talking Re: Bear Stearns Bank

    Wow...

    Here we go...

    As an American citizen, I love Canada.

    That's what I really think of Canada. I miss just using my state ID to go across instead of forking out 75-300 bucks to get a passport and wait an entire year.

    Cant speak for everyone. Not everyone is willing to pick at every other country just because they merely EXIST over in these parts.

    And for all of those out of the loop...

    This site was create by people from Canada for the enjoyment ( not the detriment) of all. Show some class--not your ass ( save that for the pictures on the profiles )

    Bail out the rich at trillions of dollars coming from broke tax payers, and give the broke taxpayers who have to choose between a gallon of milk, ice cream, or Ben & Jerry's and a gallon of gas a whopping $600!!!

    Wow.

    600 smackers to do WHAT with again?? Catch up some bills? Keep the looming foreclosures at bay? Fill the gas tank a couple of times? You know how the folks just LOVE SUVs!!!

    When people were concerned about the economy when it was coming out of the average persons pocket it was NO BIG DEAL. When a financial group ( like that one in the film Trading Places --funny flick) loses their money its a tragedy.

    Now thats what I think... and I LIVE here.

    Persons from other countries can think whatever they damn well please about the UnTIED States--the stereotypical "patriotic" American certainly feels they have their right to say whatever disparaging remarks they want about everyone else, eh?

    (with sympathy to Canada, France, Africa, Russia, Kosovo, Ireland, England, Greece, ANY Asian country, the entire Middle East,( including Israel), everyone that speaks Spanish ( or any variant) and troglodytes)

    ‹^› ‹(•¿•)› ‹^›

    "Columbine was not in the 'hood."~Ricki Lee Josten

    We arent better than each other, but we should want to be better people.~~Danielle Benton

    ~~Observing the blissfully ignorant daily~~~

  16. #16

    Re: Bear Stearns Bank

    Quote Originally Posted by 12voltman59 View Post
    What is this getting to be----the neo-con bisexual website??? Holy cow man---they are coming out of the woodwork now!!!
    Is that you're best comeback?...the dailykos must be ashamed of you're membership.

  17. #17

    Re: Bear Stearns Bank

    Quote Originally Posted by azirish View Post
    Is that you're best comeback?...the dailykos must be ashamed of you're membership.
    Are you bisexualincal's brother or clone--you sure as hell sound like you are reading from the same talkng points memo----and using the same modus operandi---

    If you are someone different---or a buddy or some such thing---you don't deserve any sort of response other than to say----you have now gone into the "ignore" zone----

    Life is just to short to deal with people of your ilk----
    "Injustice anywhere is injustice everywhere..." Dr. Martin Luther King, Jr.

  18. #18

    Re: Bear Stearns Bank

    17 replies deep and still nothing to support an alleged government "bailout".

    Hmmm, I guess it's just another one of those things that "must be true".

    LOL

  19. #19

    Re: Bear Stearns Bank

    Perhaps I mis-spoke in my opening post in that I assumed that most informed citizens owned the appropriate technology (such as TV's or the internet) in order to keep up with the top news story of the last several days. I guess I thought that most informed Americans would think that the Federal Reserve assuming 30 Billion in bad debt so one private bank will buy another private bank at fire sale prices is big news. Guess that's no big deal for some - go figure?

    For any of those that haven't kept up to date, I hear that Best Buy is having a big sale on just the stuff one needs to do so. Personally I find it quite rewarding to be able to research these things on my own and not have to rely on second hand interpretations or dubious "links to documentation". But that's just me - you know the independent Alaskan spirit and all...

  20. #20

    Re: Bear Stearns Bank

    Quote Originally Posted by alaskacouple View Post
    Perhaps I mis-spoke in my opening post in that I assumed that most informed citizens owned the appropriate technology (such as TV's or the internet) in order to keep up with the top news story of the last several days. I guess I thought that most informed Americans would think that the Federal Reserve assuming 30 Billion in bad debt so one private bank will buy another private bank at fire sale prices is big news. Guess that's no big deal for some - go figure?

    For any of those that haven't kept up to date, I hear that Best Buy is having a big sale on just the stuff one needs to do so. Personally I find it quite rewarding to be able to research these things on my own and not have to rely on second hand interpretations or dubious "links to documentation". But that's just me - you know the independent Alaskan spirit and all...

    Forget about Best Buy. This is not a bailout, assumption of debt or any other term that wild hysteria might lead the emotional to believe. Nope, this is finance. The government has done it before and in this case is morally and financially obligated to do so now.


    Still, what is this now? 18 replies deep and no evidence of a "bailout".

    I guess this is just another one of those things that "simply must be true". LOL

  21. #21

    Re: Bear Stearns Bank

    Remember the saying "safe as a bank?" Well when banks indulge in poor lending practices and take huge risks things can unravel. Remember the run on the North Rock Bank in Northern England, that country's fifth biggest bank. That was 1930's Depression stuff with depositors desperately trying to withdraw their savings before the bank went under. The Bank of England stepped in and the bank was nationalized. Whew!!
    Well the greatest asset a bank can have is trust. As soon as a bank loses the trust of it's depositors and others it is well and truly in big trouble. The message the Fed is sending out to the American people is banks in the USA are in big trouble and we need to bail them out. Now the situation is depositors are not too sure how safe their bank savings are. Banks are beginning to wonder just how safe are other banks.
    So what happens next? Well banks will be very wary of lending to other banks, credit will dry up, businesses will not be able to expand. The effects will be enormous and will affect not only the USA but the world economy.
    Do we have the makings of another 1930's style Depression. God let us hope not for everyone's sake.

  22. #22

    Re: Bear Stearns Bank

    Quote Originally Posted by jazzer View Post
    Remember the saying "safe as a bank?" Well when banks indulge in poor lending practices and take huge risks things can unravel. Remember the run on the North Rock Bank in Northern England, that country's fifth biggest bank. That was 1930's Depression stuff with depositors desperately trying to withdraw their savings before the bank went under. The Bank of England stepped in and the bank was nationalized. Whew!!
    Well the greatest asset a bank can have is trust. As soon as a bank loses the trust of it's depositors and others it is well and truly in big trouble. The message the Fed is sending out to the American people is banks in the USA are in big trouble and we need to bail them out. Now the situation is depositors are not too sure how safe their bank savings are. Banks are beginning to wonder just how safe are other banks.
    So what happens next? Well banks will be very wary of lending to other banks, credit will dry up, businesses will not be able to expand. The effects will be enormous and will affect not only the USA but the world economy.
    Do we have the makings of another 1930's style Depression. God let us hope not for everyone's sake.
    "God let us hope not for everyones sake"!!!! Amen to that

    I just listened to the PBS News Hour and learned that the Fed has in fact made the here-to-fore unprecedented decision to make emergency loans available to Investment Banks (before this decision they only did that for Commercial Banks). The big difference is that Investment Banks do not follow the strict regulations imposed on the Commercial Banks nor are they insured by the FDIC. It seems that the Fed is out of options and must resort to these new innovations in order to prevent the kind of scenario that you described above. Let us all hope that it works!

  23. #23

    Re: Bear Stearns Bank

    TRUST- Jazzer hit it right on the head. Bear Stears was the target of malicious rumors being spread about the organization throughout the investment community, wrongfuly so, which in a matter of days, effected it's LIQUIDITY!!!
    Therefore it's ability to operate was greatly impacted throughout the world and simply, nobody would trade with them (wonder who started that rumor, any thoughts???), as far as their investment base is concerned it was, is very diverse, teachers pension funds, government emlpoyees, private industry as well as many individuals (not all with 100mm net worth, mm=million in true lending write-ups, not car loans and consumer b.s) who utilized them for investment purposes, yes, something other than that never ending "I'll put you into a mutual fund" crap contunuously preached by your "local banker or stock broker" actually some people do have the "nerve" to make their own "calls", the nerve of them, bucking the "safe system", sheesh. If Bear Srearn were allowed to fail, then what would have happened to all of those teachers, municipal, county, state and federal employees "investment" and even the baker, candelstick maker and indian chief? Another typical scenario of those poor folks at WorldCom or Enron, (Greed is Good, who said that, hmm, and so is the company hyp, sorry any "victims") why would you want to invest in your employer, anyway, isn't your time investmernt good enough.

    Good thing the Fed actually had the balls to do it, remember before the FDIC , all banks were "private" which resulted in the run on banks etc. After all isn't the purpose of a central bank to insure the "liquidity"of the capital base and therefore insuring the depositor base, regardless of size?!! to withdraw, deposit or invest as the capital base see's fit in their own minds. Plus, remember you are only insured by the FDIC to 100myes, that would be a thousand, not a "k") "per person" not, "per account".
    Last edited by Dianna219; Mar 19, 2008 at 1:19 AM.
    Di

  24. #24

    Bear Stearns Bank... a Stearn Bear running a Bank?

    Bear Stearns Bank...
    Sounds like bank run by gay husky men in leather.
    Too bad Touko Laaksonen (Tom of Finland) isn't still alive... he could cum up with a great drawing/interpretation.

  25. #25

    Re: Bear Stearns Bank

    Quote Originally Posted by Dianna219 View Post
    TRUST- Jazzer hit it right on the head. Bear Stears was the target of malicious rumors being spread about the organization throughout the investment community, wrongfuly so, which in a matter of days, effected it's LIQUIDITY!!!
    Therefore it's ability to operate was greatly impacted throughout the world and simply, nobody would trade with them (wonder who started that rumor, any thoughts???), as far as their investment base is concerned it was, is very diverse, teachers pension funds, government emlpoyees, private industry as well as many individuals (not all with 100mm net worth, mm=million in true lending write-ups, not car loans and consumer b.s) who utilized them for investment purposes, yes, something other than that never ending "I'll put you into a mutual fund" crap contunuously preached by your "local banker or stock broker" actually some people do have the "nerve" to make their own "calls", the nerve of them, bucking the "safe system", sheesh. If Bear Srearn were allowed to fail, then what would have happened to all of those teachers, municipal, county, state and federal employees "investment" and even the baker, candelstick maker and indian chief? Another typical scenario of those poor folks at WorldCom or Enron, (Greed is Good, who said that, hmm, and so is the company hyp, sorry any "victims") why would you want to invest in your employer, anyway, isn't your time investmernt good enough.

    Good thing the Fed actually had the balls to do it, remember before the FDIC , all banks were "private" which resulted in the run on banks etc. After all isn't the purpose of a central bank to insure the "liquidity"of the capital base and therefore insuring the depositor base, regardless of size?!! to withdraw, deposit or invest as the capital base see's fit in their own minds. Plus, remember you are only insured by the FDIC to 100myes, that would be a thousand, not a "k") "per person" not, "per account".

    I'm a bit confused by your post. You seem to imply that Bear Stearns did not fail. In fact it did fail. The innovative steps by the Fed. paved the way for JP Morgan/Chase Bank to purchase the failed Bear Stearns for approx. 2 bucks a share. That in effect wiped out all of the investments of the teachers, bakers and all others who held Bear Stearns stock.(note that deposits/investments in Bear Stearns do not qualify for FDIC coverage since they are an "investment bank" and not a regulated "commercial bank".) What is so new and unusual though is that in order to get JP Morgan to do the deal, the Fed. had to agree to buy up 30 billion dollars worth of the risky mortgage bonds that Bear Stearns had on their books, which in effect transfers the risk of the bad mortgages to the US taxpayers.

    The fact that the Fed has never done a deal like this in it's history points to the severity of the current 'liquidity crisis' in this country. Only time will tell if the actions taken will stop the fall and restore confidence. But one thing is for certain, the taxpayers/government and not the free market has been forced to try and solve the problem created by unregulated speculation and greed in the "free market". In other words, we are all paying for the risks taken by a few. So how does that equate to a "free market"? Sounds more like a bail-out to me.

  26. #26

    Re: Bear Stearns Bank

    Still no HINT of evidence of a government bailout.

    Damn I'm good.

  27. #27

    Re: Bear Stearns Bank

    Okay, okay!
    A bunch of overweight (but handsome) furry guys in leather (with the butts cut out of their leather jeans so you could see their hairy asses) posted this:
    http://topics.nytimes.com/top/news/b...-S-bear_sterns

  28. #28

    Re: Bear Stearns Bank

    Quote Originally Posted by bisexualinsocal View Post
    Still no HINT of evidence of a government bailout.

    Damn I'm good.
    If one can use the twisted logic of bisexualinsocal, the original poster could have mis-spoke. Of course the OP did use the news stories of the day as facts, but the news stories really had it wrong.

    The news reported that the govenment was insuring that 30 Billion dollars of questionable loans made by Bear Stearns would be made good. Many reasonable people came to the conclusion that Bear Stearns had been bailed out of their mistakes. I suggest that we look closer at the deal. Who was really bailed out? Was it Bear Stearn? No, the bank that was bailed out was Morgan Chase. They get the benefits of the government actions. And since a Republican government would never bail out a successful bank, like morgan chase, a bail-out never occurred. See, its very simple.

    After I came to the conclusion that bisexualinsocal was in a different world than the rest of us, I could see his logic. The monsters in his closet all have names, like FDR, Liberals, people that have to make it in the real world. Perhaps, just perhaps, when he joins us in the real world, he might see things a little differently. Untill then, if you want to try to follow his logic, I suggest that you turn your world upside-down, turn left and look far off. In the distance you will see bisexualinsocal. Or you could just find out what Bush has been on for the past week and take some of that. Either way, the thinking of bisexualinsocal would become clearer

  29. #29

    Re: Bear Stearns Bank

    Take a cold shower, people. The Fed did not bail out Bear Stearns. The Fed only guaranteed that it could meet its obligations for outstanding trades of other people's money. Bear Stearns (a brokerage firm, not a bank) performs one-quarter of the trades on the New York Stock Exchange, and if it had been unable to close outstanding trades on Monday, the stock exchange would have crashed, 1929-style.

    Bear Stearns itself gets nothing: the company itself was sold for $236 million, a little better than one cent on the dollar. Most of the shares, by the way, are not owned by Wall Street moguls, but by employees and the employee pension fund. I know people who worked for Bear Stearns for 25 years and lost their pensions, which are now worth only $2,000.

  30. #30

    Re: Bear Stearns Bank

    Quote Originally Posted by anda692 View Post
    Or you could just find out what Bush has been on for the past week and take some of that. Either way, the thinking of bisexualinsocal would become clearer


    ROFLMMFAO!!!

    hahahahahahahahahahahahaha
    ‹^› ‹(•¿•)› ‹^›

    "Columbine was not in the 'hood."~Ricki Lee Josten

    We arent better than each other, but we should want to be better people.~~Danielle Benton

    ~~Observing the blissfully ignorant daily~~~

 

 

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