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Fed Completely Ignored Moral Hazard in Bailing Out Bear Stearns. Were the Fed's Moves Legal?
On Lou Dobbs today there was a statement that the gap between the rich and the poor in America is at its widest gap since the 1920's. The roaring 20's gave way to the great depression. About 15 years ago two reporters from the Philadelphia Inquirer did a multi part Pulitzer prize winning series of articles on the problems with America and how the rich were getting richer and the poor getting poorer. Focused on leverage buy outs and how the raiders of these LBO’s would then dismantle the companies and sell it piece meal, and basically destroy the company to profit off the pieces. That series was then turned into a book called "America, What Went Wrong". Those problems have now been magnified and are getting worse everyday. In any event, if you have a chance, get that book and read it-it is just as valid today as it was when it was written years ago. Excellent book. Really opened my eyes to the greed of some of these fat cats. Good read.— March 21, 2008 7:45 p.m.
Fed Completely Ignored Moral Hazard in Bailing Out Bear Stearns. Were the Fed's Moves Legal?
I never watch that Jim Cramer, in fact I make it a point NOT to watch him. He just annoys me to no end. I see him jumping up and down like a circus chimp and I want to throw my lamp at the TV. I only watch Lou Dobbs, 4PM CNN. Me and Lou are like me and Mike Aguirre (and Don Bauder!)-we agree on 90+% of the issues.— March 21, 2008 8:15 a.m.
Fed Completely Ignored Moral Hazard in Bailing Out Bear Stearns. Were the Fed's Moves Legal?
New definition of JPMorgan Chase; Private profits, socialized risks. America is now the Russia of Wall Street risk.— March 20, 2008 9:11 p.m.
Fed Completely Ignored Moral Hazard in Bailing Out Bear Stearns. Were the Fed's Moves Legal?
Do you trust Paulson or Bernanke to tell the truth? I don't. Best, Don Bauder __________________________________ LOL, of course not. Old Ben looks for short term gains which cause long term losses. Interst rates have been too low for 5-8 years, Greeenspan was the part of that.— March 19, 2008 1:52 p.m.
Fed Completely Ignored Moral Hazard in Bailing Out Bear Stearns. Were the Fed's Moves Legal?
The gov has broad powers to do what they did. I think it is 100% WRONG, so does every single person I know. But from a legal stand point, all the government needs is a "rational basis" for their move-and that low standard is met about 99.999999% of the time. It is met here. As for a due dilligence-come on-those sub prime mortgage backed securities are probably worthless, or close to it. Anyone with half a brain knows that. It would be IMPOSSIBLE for the Feds not to know that. It is a taxpayer funded bailout of billionaire brokers, hedgefunds, private equity firms and Wall Street Investment Banks. It is really sickening. Remember, in Washinton, money talks, everything else walks.— March 18, 2008 10:43 p.m.
Why Financial Reform of Near-Bankrupt City May Be Impossible: Aguirre Jeered Yesterday by Business, Labor Moochers
#29. So since we have almost a thousand firefighters, you're willing to create an additional thousand jobs, basically doubling the size of the FD, just to keep folks employed an additional decade? ____________________________ In two words JF; YES, absolutely.— March 17, 2008 8:30 p.m.
Stunner: JP Morgan Buys Bear Stearns for $2 a Share. Earlier in Last Year, It Sold for $159. Federal Reserve To Subsidize Purchase
The Fed’s Forced Marriage of Bear Stearns and J.P. Morgan By Dean Baker - March 17, 2008, 9:07AM The news that J.P. Morgan bought investment house giant Bear Stearns for just $236 million, or $2 a share, sent tremors through financial markets around the world today. This is company whose stock was worth almost one hundred times as much a year ago. ****One person who does not have to worry is James Cayne, the recently departed chief executive of Bear Stearns. According to the New York Times, he walked with $232 million in compensation over the period from 1993 to 2006. . . . >>>This is just another example of how the global economy rewards extraordinary talent. And old James is extraordinary.— March 17, 2008 8:27 p.m.
Why Financial Reform of Near-Bankrupt City May Be Impossible: Aguirre Jeered Yesterday by Business, Labor Moochers
You say older workers could perform better than I believe. I don't need to "believe" anything. I've seen folks in their early 60's try to perform on the fireground. Very, very few of them are performing at the high level the public deserves. _____________________________________ They do not need to perform on the fireground JF, there are other jobs they can do. I could find MANY jobs for them to do, taking into consideration their age. If nothing else I would send them to schools and give fire/safety seminars to the kids...... JF, don't try to tell me that there is a "shortage" of things to do/work in the government.— March 17, 2008 12:07 p.m.
Stunner: JP Morgan Buys Bear Stearns for $2 a Share. Earlier in Last Year, It Sold for $159. Federal Reserve To Subsidize Purchase
BTW, the dictionary has a new definition for Fire Sale= Bear Sterns— March 16, 2008 9:47 p.m.
Stunner: JP Morgan Buys Bear Stearns for $2 a Share. Earlier in Last Year, It Sold for $159. Federal Reserve To Subsidize Purchase
The 30 billion guaranteed by the Feds- that is in addition to the 200 billion it loaned Bear Sterns (*thru JP) already-right? I have a question-doesn't that then put the taxpayer on the hook for the entire 230 Billion??? Or simply put, doesn't this mean all the risk goes to the taxpayer, but if there are any profits it all goes to JPMorgan......that is how it appears....is that right? That is how it looks to me. Putting aside the problems that the Bear Sterns failure could have put on the market-wouldn't the prudent course of action be to let the Bear Sterns firm go BK>????? I just do not understand how all the millionaire and billionaire investment banks, and other Big Businesses, always get HUGE bailouts by the taxpayers when they screw up. But when it comes to the little guys, like this sub prime mortgage and foreclosure mess, then there is NO bailout. Just take your medicine and like out. If I am right and this is a taxpayer funded bailout, I think our country has some pretty big problems.— March 16, 2008 9:46 p.m.