I'm no expert on the financial market.
In fact, what I know about firms like Bear Stearns and Lehman Brothers can be contained in a small thimble.
All I know for sure is that Bear Stearns is essentially bankrupt because they gambled with shareholders' money and lost.
Lehman Brothers is to Bear Stearns as Sam's Club is to Costco. Same basic thing, just different names. I predict they will be the next Money Biz to fail.
Of course, Fed Chairman Ben Bernanke was appointed by Bush, which means he is incompetent. Anyone Bush has selected for any position has proven to be incompetent.
Therefore, any solution to corporate America's impending economic collapse Bernanke comes up with will be flawed, and ultimately useless.
Bush and his minions' solution to any problem is to throw dollars at it: billions of millions of trillions of our dollars.
And it never seems to work.
A lot of millionaires whose portfolios include hundreds of shares of Bear Stearns will be taking it up the ass over the collapse of the company. I wish I could scrape up some compassion for them, but they were part of the problem when they invested in a company that put profits above principles.
If I were a Democratic candidate running for president right now, I'd take a hard look at the wreakage Bush will be leaving and say, "I'm not going to run after all- too much of a mess to clean up."
I'm not sure Hillary will be able to attack this economic collapse if she wins. And Obama? I'm completely sure he lacks the experience to know where to begin in addressing Bush's failed economic policies.
I'm just grateful my house is paid off and I have no staggering bills to worry about.
If I was upside-down on a huge mortgage or other major debt right now, I'd be sweating blood.
13 comments:
I found this fairly educational:
http://tinyurl.com/2tz8hd
karen zipdrive, your unwillingness to answer simple questions means only that you have no capacity to look into the future and see potential realities. You are, however, able to look backwards with twisted vision.
As for what's happening on Wall Street, this will pass, and with remarkable ease. We've been down this road before and every time we've gotten back on track. The best outcome is most likely to appear when the government backs away.
I don't deal with neo-con assholes or stalkers.
You need to go back in your hole now, unless you want your blog infiltrated by liberals who are funnier and far more articulate than you.
I won't warn you a second time.
Oy vey, the Slappy virus has reached Texas...
I too wonder if this is an isolated incident, or if we're seeing another bursting bubble that will have huge consequences. Our economy is already pretty shitty, and if we get an industry-wide shake-up/bubble burst, we're gonna be totally screwed. I think your label "Hello Depression" says it all.
The government needs not only to back away, but needs to stay out of bailing out companies that make bad decisions. Let them go bankrupt, NOW!, the sooner the better to let it all wash out quickly.
This would be much quicker than the Chinese water torture that I'm afraid we are headed for.
While I can see the Fed insuring regular banks so that consumers aren't afraid to place their money in their care, speculative businesses like Bear Stearns should be forced to be accountable for their own careless investments.
If the Feds are not accountable to consumers duped into signing risky mortgages, they should expect no less culpability from "professional" money speculators like B.S.
This is like applying a Band-aid to a gushing artery wound.
There is simply no incentive for bear Stearns to straighten up their risky speculative practices if they know the Feds will bail them out.
It's a very very dangerous precident to set. But then, Bush is behind it, so we all know it'll end up being a horrible decision.
kz
so true
this bailout means another one will just wait for Bush's help -- and so on and so on ---
gee i wish i could make bad decisions and just have someone write a check ..
you know this bailout is on OUR tax dollars -- and despite what slappz said -- things are not so good in the us kitchen -- and he was quite insulting if you ask me.
For extra irritation, check out the worth of Bear, Stearns and compare it to the amount of our money that the govt threw at Morgan Chase to buy em--with the the failed mortgages as "security" to the loan.
Sickening.
p.s. Is Bar Code King back, under a new alias??
We've been at "war" for about 6 years now. The money we put into just 41 days of this stupid war would pay for health care for 10 million children.
Ahh... but we aren't putting money into this war, doncha know. We're simply running up the deficit under these dummies, who every once in a while plead fiscal responsibility when we talk about taking care of our people.
Gawd.
Then on to the financial ruin that lax regulation triggers when these big boys massage one another.
The drop of water that is the mortgage crisis is now engulfing the entire financial pond.
Yet our government bails thier asses out. Elderly who live on the interest of various accounts are getting hosed the most since every time the Idiot Bernanke lowers the prime, they have less to live on..but who cares as long as the fucking financial houses are propped up.
The last time the market took the big bath..aka the crash..our congress created laws and regulations to keep the bastards in line..and what happened?
A Bush, Reagan and a Clinton wiped those laws off the books by allowing bills to pass that deregulated the banking and finance industries..
I guess it's in the federal government's interest for us all to be mortgaged and otherwise indebted up to our asses.
Then we can't afford to innovate, or to demand that our financial "betters" do.
It's all part of Bush's utter incompetence, combined with his lack of human compassion.
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