So color me worried about this economy thing. Luckily, I have my money tied up in emu ranches, so I'm protected. The rest of you suckers are in trouble. What to do?
Investment bank Bear Stearn just died. JP Morgan just bought it for 2 bucks a share. It was at sixty something last week and 160-something last year. The Fed took on 30 billion dollars in bad debt to help make this fire sale happen. That's you and me getting stuck with the bill.
Is it really the Fed's business to save dumb banks from themselves? Bear Stearns made a lot of money in recent years with really stupid investments, namely bad mortgages. But now when those investment go south, the US taxpayers step in to save their ass. I'm pretty sure when my emu ranch investment goes south, the US taxpayer will not foot the bill. Of course, if I go under, it will not lead to worldwide economic disaster. Normally, I'd say let rich idiots burn. But if the banks fail and the stock market craters, we all get hurt.
What say you, gentle readers? Is it worth if for the Fed to spend large amount of your money to save idiots from themselves? Is it worth it when those idiots could bring us all down if they don't get saved?