Fed Bailout of Bear Sterns first since Depression!-1/2

Fed Bailout of Bear Stearns First of its Kind Since Great Depression

The nation's fifth largest investment bank Bear Stearns nearly collapsed last week. It was saved only after the Federal Reserve took extraordinary measures to help JPMorgan purchase the eighty-five-year-old firm. The Fed has become the lender of last resort for other investment banks in a move that marks one of the broadest expansions of the Fed's lending authority since the 1930s. We speak with Nomi Prins, an author and former investment banker at Bear Stearns, and Max Fraad Wolff, an economist and writer. [includes rush transcript]

Category:

News & Politics

Tags:

• bear
• sterns
• federal
• reserve
• corporate
• welfare
• democracy
• now

[bacinger]

I need some1 to talk2... hit me up on my msn live messenger id jane23belle v

[Drexel2008]

If it wasn't for Morgan excercising some restraint in the CDO market (only major moneycenter bank that did), this economy might well have already collapsed. i think they deserve to gobble up the good deals in the market and frankly, i don't think Bear's or Wamu's employees are too angry with Morgan as their new boss, better than no boss (job) at all.

[Mike1977a1]

I try to look at foreign media to see the differences on world wide events?

What sources of info would you sugest?

[Rickdeckard2020]

"I need to keep analysing the mainstream media"

The mainstream media is virtually worthless, it deceives by ommission and by reporting government propaganda as being authoritative. You need to go outside MSM for leads and do a bit of reseach on your own.

[Mike1977a1]

Yes but this isnt happening fast,its very gradual i think, if its true.

I need to keep analysing the mainstream media for increased right-wing views by respected journalists on current events in british media to work out if its really happening or im just imagining it.

[Rickdeckard2020]

There's another development that is quite worrying in Britain & America, Habeas corpus has been suppressed in the US and Magna Carta is now threatened in the UK. It appears democracy and civil rights are gradually being dismantled in a way that parallels the rise of Fascism in Germany in 1930s.

[Mike1977a1]

I am worried about Britain & America, i think that the governing elite have become idealogicaly too rigid, just like the elites in the Soviet Union before it collapased!

My suggestion would be that the British and American government should build masses of affordable houses for the working classes, using Keynesian moniterist policies!

but they arent doing this because they are Free Market Fundermentalists who think that the Market solves all problems, why cant they be a little flexible?

[Mike1977a1]

Imagine a behive where the worker bees werent given any resources to build cells so that they couldnt reproduce and create more workers.

If this happened the workers eventually would stop producing honey for the beekeepers!