Originally posted by yellowcard
Bear Stearns wasn't "bailed out," The Fed found them a buyer, remember? JP Morgan? The Treasury bailed out Fannie and Freddie, though they were
initially government entities. They bailed out AIG, they let Lehman fail, and they did all of this to stop a systematic failure. Allowing the market
to be free would have resulted in "hoovervilles" that make the "tent cities" look like a camping trip. I don't agree with all of the bailouts but
I know what the Treasury is trying to do, which is to prevent systemic failure that would make your ability to make posts impossible, because you
likely wouldn't be able to pay for your internet.
Oh?
www.bloomberg.com...
April 2 (Bloomberg) -- The Federal Reserve was forced to rescue Bear Stearns Cos. last month because the securities firm faced bankruptcy and its
failure could have led to a ``chaotic unwinding'' of investments throughout the U.S. economy, Fed Chairman Ben S. Bernanke said.
not to mention:
www.marketwatch.com...{79C94AFF-EC37-44AC-A93C-721E276B8495}
WASHINGTON (MarketWatch) -- The Bush administration's efforts to subtly distance itself from the bailout of Bear Stearns Cos. ended Tuesday as
documents were released detailing the extensive role played by Treasury Department officials.
Market Watch doesn't post crap, my friend. The Bear Stearns deal has been called a federal bailout from the get-go.
Had the market been allowed to be free from the beginning, this would not have happened. Free market capitalism works, as long as the feds keep their
damned grubby little hands out of things. The minute FDR started screwing with stuff, regulations happened. When those regulations were rightfully
dropped, the S&L crisis happened and the fed, once again, bailed out the banks. Had they left things alone, the banks would have learned a lesson and
this would have gone differently. Instead, the banks learned "The US tax payer will foot the bill for our bulls..t, so let the good times roll!"
This buck can only be passed so many times, man. The last time it was passed onto this generation with the S&L bailout, now we're passing it onto my
kids. What a great gift to give them, huh? Now not only will they have to spend the earliest years of their lives watching daddy's hair turn grey
and his waistline grow due to stress about the uncertainty of his 401(k) and the overall market & it's effects on the price of life, they get to deal
with almost impossible to obtain mortgages, car loans, student loans, skyrocketing college costs, and an overall decreased quality of life brought on
by all this crap. Then, in 20 or so years, they get to experience their own banking/government circle jerk when the banks, having learned absolutely
nothing aside from "Big Brother will help us!", will find themselves in the exact same mess, only on a scale even worse than this.
...and the circle of dumbasses making dumb decesions with our tax dollars goes on...
