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When multimillion dollar earners are threatened in any way, the Fed and Wall Street comes running to the rescue. But when millions of average citizens are threatened with losing everything that they have ever worked for, all they get is armed militia beating on their doors with weapons drawn to evict them. Since the bankruptcy laws were changed to the detriment of the borrowers, the next thing that we can look forward to is the return of "debtors prison".
Bear Stearns Bailed Out by Fed, JPMorgan
"NEW YORK (AP) - Bear Stearns Cos. (BSC) (BSC), one of Wall Street's venerable investment banks, received a bailout Friday by the federal government and JPMorgan Chase & Co. (JPM) (JPM) in a surprise, last-ditch effort to save the 86-year old institution.
"The Federal Reserve responded swiftly to pleas from Bear Stearns that its coffers had "significantly deteriorated" within a 24-hour period. Central bankers backed an arrangement to bolster the company, and stood ready to provide extra resources to combat a credit crisis that now threatens one of America's biggest financial institutions."
Source: By heartlandheretic.blogspot.com/
Posted March 14th, 2008 by Armen Hareyan
Bear Stearns Bailed Out by Fed, JPMorgan
Houston, we have a problem - Bankruptcy!
Jack: "What is happening in the US?! So, as we all know Bear Stearns more or less went bankrupt... Then JPMorgan buys them for 2 Dollars a share before the markets even open on monday! And the FED cuts rates by 0.25% on sunday?"
John: "Oh, I guess you didn't get the memo? I think we just went bankrupt, those dollars you were using are now worthless, it's time to launch the lifeboats!"
Jack: "Holly, Holly, Holly, John, we are 300 milles over Atlantic and without oxygen!"