I hate to admit it, but the government was right to intervene in the Bear Stearns fiasco. Bubblesitter, upon what set of facts do you base this claim? All you have are the people who’s direct vested interests were served by the bailout telling you it was necessary. Again thats like asking a barber if you need a haircut. Don’t bother the answer is always the same.
If the Bear Stearns deal was truly necessary, fine put all the chips on the table. Its not that hard for a public accounting of all of BS assets and liabilities to be made public so the public can know exactly what its bailing out.
The reality is it wasn’t necessary and we don’t know if Bear posed a systemic risk. If it did we’re fucked anyway. Do you think Bear was the only firm with large amounts of toxic crap on its balance sheet?
The mindless repetition of the mantras of the grand pubahs of our financial systems sound quite hollow. Everything Bernanke has said about the economy so far has been wrong. It ain’t contained, it ain’t sub-prime and more money cannot solve or ameliorate the problem. The people in charge are lying, caveat emptor.
