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Massachusetts Liberal

Observations on politics, the media and life in Massachusetts and beyond from the left side of the road.

Monday, March 17, 2008

Brother can you spare a quarter

Next thing you know there will be guys selling pencils and apples on Wall Street.

No, not the CEO of Bear Stearns or Countrywide other financial institutions. Rather it will be small investors like you and me who are simply trying to put together a retirement nest egg.

Remember when George Bush said he didn't want to reward bad behavior in the financial markets? Well, apparently he misremembered. Billions for Bear, but not one penny to help the poor schlub taken in by the mortgage scams unleashed by the Wall Street bank.

Chew on this move by the Federal Reserve Bank to bailout Bear for awhile:

In a highly unusual maneuver, Fed officials said they would secure the loan by effectively taking over the huge Bear Stearns portfolio and exercising control over all major decisions in order to minimize the central bank’s own risk.

Next thing you know, Ben Bernanke will be buying $6,000 shower curtains.

We have a war bleeding billions out of our economy (on top of lost lives), predatory and/or incompetent financial executives making millions on Ponzi-style mortgage schemes and an economy that is bleeding jobs at the same time gasoline and food prices are soaring.

I know, maybe we can open casinos to help pay off the Bear Stearns fiasco.

And can we ask Gorge Bush to pretend that he at least has a clue about the financial house of card collapsing around him.

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