( – promoted by buhdydharma )
Wow, so I thought ruling elite would let this die down in the news cycle and let JP Morgan absorb Bear Stearns in Q3 when no one was looking. I mean hell, the election hysteria should have made this bailout Section D news. Nopes, everyone in millionaire row realized the last days of the pig trough are in effect.
No matter who is elected next, even McCain, knows that the country cannot continue to sustain the whole scale looting by the ruling elite. So they are getting while the getting is good. Well, for them, not us.
JPMorgan Chase & Co (JPM.N) said on Sunday it would buy troubled rival Bear Stearns (BSC.N) for about $2 a share in an all-stock deal, and that the Federal Reserve would fund up to $30 billion of Bear Stearns’ less liquid assets.
Wow, we had a spare $30 billion lying around to save Bear Stearns’s ass? No one tell New Orleans! They might get the idea the government saves the ruling elite while the people are left to die on their roofs. Or that our government has been hijacked by Republican Socialist supplanting our democracy.
(emphasis added, bd)
I mean, this shit is pretty wild. It hasn’t happened in over 40 years. They had to go that far back to figure out how to bail out their banker boys, since it is a security firm and not a bank. This bears repeating, the Federal Reserve bailed out a private security firm from forces in the marketplace that that firm in fact created. And you, me and your grandmother are footing the bill.
These security firms are outside of the banking system the Federal Reserve is meant to serve. This breach of a longstanding convention means other security firms will now be begging for you, me and your grandmother to bail them out. And we have no say over it, because we have no say over our coinage.
Bear Stearns was an asshat assortment of mistakes with huge leverage, reckless investments, lousy risk management and massive underestimation of liquidity risk. If you, me or your grandmother would have fucked up on this major of a scale, they might bring back debtor’s prison. But since it was a member of the ruling elite, their boys at Bear Stearns, a complete gift basket of our money was delivered to their doors. Or yachts, yes, definitely at their yachts.
Their profits are privatized and their losses are socialized.
Republican Socialism at its worse, because currently the country is dead broke. But not broke enough to give a few bankers their golden parachutes to land in off-shore accounts.
We have broken the last seal of true Republican Socialism, using the Fed not only to bail out inept bankers, but now also other ruling elite rich friends.
Bonus:
I just wrote “This Machine Kills Republican Socialists” on my guitar.
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The just do it overtly now.
They used to try and be a bit more discreet.
Oil companies writing contracts for Iraq oil? Since the public is paying for the war that made the contracts possible, does that mean they will reimburse us at the pump?
We fund 48% of the cost to develop a drug, but they get to patent it and then pass on the cost of branding the drug to us who need it to live.
were people of color who should’ve seen a disaster coming and, yet, sat on their ass, let it happen, and now want the gov’t to bail ’em out.
Whereas, with the Bear Stearns situation, you’ve got wealthy, white people who should’ve seen a disaster coming, and, yet, sat on their asses, let it happen, and now want the gov’t to bail ’em out.
So, don’t you see the obvious difference???
This, more than anything, is the proof of the corporatacracy created by the criminals who control our government. You and I will pay for this with the last dime of our savings.
And when we are broke, what then?
We are already getting up in arms over the Repug Socialism. Homelessness in New Orleans is now at 1 in 25. Our infrastructure is not being repaired… the street I live on pretty much is a freakin’ lake 24/7.
Many of us still aren’t back into our homes, but we pay our mortgages and pay rent whilst the homes get repaired. We are paying almost 34% more for building materials since the Federal Flood. The costs for contractors has gone up as they drag their feet earning pay because the Gulf Coast is the only game in town.
Public schools are still shuttered. The replacement hospitals are still years away.
Many of us live on a diet of anti-depressants and alcohol. We can’t sleep well.
It’s time to eat the rich.