no bailout

Bailout ? Nonsense ! Anyone who thinks the Fed jumped in to save Wall Street and bailout Bear Stearns either needs their head examined or believes everything that the liberal media spews. If you were a 64 year old worker in Bear Stearns on July 1st 2007, and had 1 million dollars in the Company stock fund ( which was 33% owned by employees) and were waiting until July of 08 to turn 65 and retire…….you woke up Monday morning with a whopping $11,764.00 in your account…..guess what ? Your starting over at 65 , without a job….. , the Fed did not bail out anyone, they told Bear to accept an offer or else face padlocked doors. Mr. Paulson wanted everything wrapped in a neat little package Sunday Night before the markets opened in Asia. As a result , JP Morgan Chase ( of which I am a happy shareholder) gets to buy Bear Stearns for the rock bottom price of $2 a share or approx 236 million. The brand new HQ building at Madison Avenue alone is worth 1.5 BILLION , maybe more. The sub prime mortgages that these banks made , were the result of the Democratic Party Crying that the banks were racists because they were not loaning enough money proportionately to "minors" , well those "bad" loans have come home to roost.