clipped from: finance.yahoo.com Most of us are aware of the sacrificial slaughter of Bear Sterns. Some people call it a bailout, but I call it a handout -- a government handout to some of the richest people on Earth, paid for by American taxpayers.
It's the survival of the richest, and the poorest be damned. There's something dismal about a society that operates by those values.
I understand why the Federal Reserve did what it did with Bear Stearns. The Fed was doing its job -- acting as the lender of last resort, pumping money into a dying system. It wanted to prevent a run on the bank and economic chaos. It was a very creative financing move, using the Fed's magic checkbook to pump more liquidity into a thirsty market -- sort of like a physician administering life-saving measures to a critically wounded patient.
