Monday, March 17, 2008

stealing on STEROIDS!!!!!

these people are looting this place soooooo fast. we are seriously facing a "brace yourself, Effie" moment....they even mock us by calling it bear.......
wake up america......

Frank James is asking the right questions.....
Rescue of Bear Stearns 'cowboys' questioned
by Frank James
President Bush said some very nice things about the Federal Reserve's rescue, once
removed, of Bear Stearns, the wobbly investment bank."... We've taken strong and decisive action," Bush said. "The Federal Reserve has moved quickly to bring order to financial markets. Secretary (Henry) Paulson is supportive of that action, as am I," said Bush, referring to the Treasury Secretary.
Not everyone is joining Bush in singing the Fed's praises. Some say the central bank's actions violate notions of fairness. Why is a large investment bank rescued while homeowners are left to the rough justice of foreclosure and bankruptcy?
This from Kurt Eggert
.......Why is a large investment bank rescued while homeowners are left to the rough justice of foreclosure and bankruptcy? ...........
........And that's what makes it bad. Bear Stearns gambled and lost. They took enormous risks with CDOs and such. When they made money, they kept it. Now they lose money, and they get a quasi-government bailout. That's wrong. The taxpayers should not have to pay for the lost wagers of some Wall Street cowboys. As for the "too big to fail" theory, if the Fed follows that, it will be spending countless trillions to bail out anybody and everybody in the subprime mess, and only encourage such reckless behavior in the future. "
full article
a little Bear Fact: on the welcome page....sounds like the cancer stage of unregulated capitalism to me....

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4 comments:

Randy said...

Perhaps, and it sounds like Obama is going right along with the program.

This is Obama last night on the PBS News Hour:

The Fed has taken some good steps. I think they have been innovative in trying to pump liquidity into the market. I think assisting J.P. Morgan Chase to purchase Bear Sterns was a sound decision given that the alternative was probably Bear Sterns going under, which would have triggered a domino effect in markets. But what I think we have to do is to get a floor under our housing market.

And so I’m working with Chris Dodd, the chairman of the Banking Committee, to make sure that we’ve got a system to shore up the mortgage-lending process and make sure that people aren’t losing their homes. That will provide some assurance that there’s not going to be just a bottomless pit of bad debt out there and hopefully banks then and other financial institutions will start having a little more confidence and start doing the normal business that needs to be done.


Is that change? It sounds like another bailout at taxpayer expense, to me.

jpeg said...

ya it's tough to hear and to know that the economic advisors are more of the same. guess it will be up to a whole bunch of humans if we are to survive. i do find hope in the local stuff .,....there are so many bright, talented people of good will that i live among. it is going to take all of us. who is our next president is very important. the thing that most impresses me about Senator Obama is that he understands how to organize a community and boy does this community need to be organized. we have been treated to so many years of slash and burn, divide and conquer politics, most know nothing else.
i hope we will all rise to the occasion so our descendents can have a future.

Randy said...

And what of Obama + Wright?

Having an inflammatory spiritual mentor like Rev. Wright doesn't send a unifying message. In fact, it's just more of the same divisive identity politics that the left has been pushing for decades. There's nothing progressive about that.

Obama needs to do what John Kerry should have done. Obama needs to explain his beliefs to the electorate. He should explain how it is that he could sit in a church where outrage and hyperbole seem to drive the conversation, and at the same time claim to embody a politics of unity. How can he attend that church for 20 years, claim the Reverand Wright as his spiritual mentor, and at the same time claim he will unify the country?

Trying to claim that he didn’t know about Wright’s controversial sermons and politics, or Rezko’s shady business dealings, or that he misread them is far worse than comming clean with the electorate. If Obama can’t judge someone he knew and worked with in his community activism for 20 years, how will he deal with Mahmud Ahmadinejad or Vladimir Putin?

The only impressive thing about Obama is that he managed to get this far along in the primaries with so little substance.

Cascajun

jpeg said...

and of course i don't see it the same way...he spoke to the rev. wright issue in his speech today. i am again impressed with him. he understands the constitution, American history and is willing to step up and serve in this challenging time. it is important who we elect president. Senator Obama brings the highest level of qualifications. he organized his community, served 8 years in the state legislature, 3 in the senate. he understands it is important that we are all involved and that change comes from the bottom up, not the top down. it is equally important what we all do in our lives and communities.
he is the totally qualified (and please! that being said with the bar soooooo frickin' low. laughable really!)
be sure and catch his Philadephia speech today.
i sure hope WE are successful!