madmonq’s joint

Sale Price Reflects the Depth of Bear’s Problems

U.S. Markets Volatile After Fed Actions  

Fed Acts to Rescue Financial Markets

Fears That Bear Stearns’s Downfall May Spread

Forgive my rant.  But my inner libertarian has been deeply offended.

You mean to tell me the federal government bailed out Bear Sterns, a company that was worth $80 dollars a share on Friday and is worth $2 dollars a share today.  One of the companies that made it’s record profits on the back of working class people with the adjustable mortgage scam?  We the peoeple lent the already filthy rich JP Morgan company $30 billion dollars (that’s billion) to buy this company rather than expecting them to come up with the cash?  Is the fucking loan at least at an adjustable rate?  Jesus H. Christ on a stick.

The U.S. Government does this every few years with major corporations.  Usually it’s Amtrak, the Postal Service or one of the major car companies.  They are almost always are running a deficit and are famously inefficient.  Amtrak trains seem to derail with every penny a kid places on the tracks.  Don’t give me any bullshit about American companies being overtaxed.  European governments tax and regulate the hell out of their businesses, have much more to pay out in benefits and most are still turning a very health profit.  Now I’ve got to pay for a company that gained from graft/government money with no near term relief for those with a tripled mortgage payment.

These bastards are in part responsible for the state of the economy and 100 percent responsible for the state their in, so why do we have to pay for them?  This is the chief argument by those who are anti-welfare state.  ‘Why do I have to pay for a bunch of welfare recipients?’  So they don’t starve for one.  The CEOs, employed or not will not.  Ever.  Pure capitalism, the kind the Bush administration thinks it’s about, would let the company to fail, it’s employees plainly s.o.l.  Our involvement only creates a false stability, strictly short term.  Another 30 billion down the hole.  Not to mention the massive deficit we’ve run up under this conservative president, war that’s going nowhere (not to mention the lives at stake).  It is the most backward ass shit I’ve seen since the invasion of Iraq which is also, at heart, very anti-conservative.  Throwing another several billion down away to create a democracy at gunpoint.  Like trying to force flowers to grow in the desert.  At gunpoint. 

Think about it.  Dick “The dick” Chaney held multiple private meetings with all the major energy companies.  The guy worked for several of them.  Gasoline prices have gone exorbitantly high very quickly since those meeting.  To this day he will not reveal any records of those meetings.   He’ll presumably go back to work for them when he’s out of office.  He’s almost never not made money without getting it from tax payers, one way or another.  Either as a congressman (where he heavily supported business over people). Or as an employee of a private firm that’s had most of it’s contracts with the federal government.  I can’t wait till he’s out of office, but he’ll be just as much trouble in the private sector.  I hope when he leaves office he mistakenly stands by an old microwave.  He’s the ultimate corporate welfare mother.  He’s more like a corporate welfare whore. 

I’m not even a conspiracy theory kind of guy!  Enron at the beginning of the Bush Administration, Bear Sterns at the end.  I never want to hear conservatives bitch about welfare mothers again.  What a waste.