More on Bear Stearns: Survived Depression, Could Not Survive Bush

Link: More on Bear Stearns.

Another article on the BS melt down. Friday at the close, the stock sold for $30 per share. Investors will wake up on Monday seeing it is now $2.00 per share. Well, I hope they got a good night's sleep anyway.

The firm survived the Great Depression but could not survive the idiotic policies of the Bush Administration.

Comments

[gedicht]

I don't think the "liberals" who actually work feel that way, no, same as the "conservative"s who understand the consequences. However the left (as parts of the right) SOMETIMES seems dominated by those who's (self perceived) class/economic stature render them immune from the same consequences. So did I say "ALL" ? Not in this comment nor in any other, though I did talk about "LUNATIC FRINGE" (too close to home?) . . . I guess it's just visceral for some to exaggerate and turn to insult,

[gedinsane]

Yep...all these liberals have been 'praying' for a Depression that takes away their homes, their cars, their kids' college educations, their healthcare, their savings, their jobs, their food, etc...

Just so they can say, "I told you so."

You don't sound bat-shit crazy. No, not at all.

[gedicht]

Well we'll just have to make sure that does not happen. I don't know about you, but I don't believe in falling on my sword (or anybody else falling on it) just to say "See, I told you so!". In who's "political" interest is total economic collapse? Quick answer; no-body. However you do have a lunatic fringe (both left and right) who seem to believe that if it does not go "their way" that there should be a "pox on all their houses" (Ann Coulter and certain other "conservative" commentators about McCain are great examples on the right). Some on the left make it very clear that such a situation is what they have been praying for since Jan 2000.

[Total Economic Collapse]

Total Economic Collapse is fast approaching.

Bush took us to war and raided the treasury to provide tax breaks to his cronies and fat governement contracts to his supporters in the defense industry.

Now a real crisis to our way of life has emerged. The financial system is breaking. Credit Markets are frozen and the Federal Reserve bank as last resort is providing massive liquidity backed by the very assets that began this current market crisis.

Consider this.

The Federal Reserve does not have an endless supply of money. At some point they themselves might not be able to provide the liquidity the market requires. This could freeze the entire financial system. The outcome would be to print money which would result in massive inflation. The dollar would become so weak that foreign investors could stop buying treasurys. The result would be a complete shutdown of government.

The Republicans would blame it all on the Democrats.

[gedicht]

Amazing, when class enemies like BS and Merrill-lynch are doing well they are the evils that represent the "right". When they do badly (as in this economy) they are "victims" of GW (/capitalism) . . . Anyone stupid enough to take an "adjustable" mortgage engaged in a gambling scheme. From the poor simps who believed whatever they were told, to the high rolling bankers who bet the farm. In all it's just as if an AC or LV gambler bet all he had and then put his hand out to Sam for a bailout . . . So it does not quite fit the description of a "Pyramid plan" or a "Ponzi scheme", when someone talks about "variable rates" or "real estate ALWAYS goes up" . . . I don't know, but my trust level ends there.

I hate to accuse my more left leaning brethren of indulging in Schadenfreude, but it seems too obvious to ignore.