Yes, folks - it has happened again. And right under your noses.
While Bush and his Republican lackeys have blocked the passage of any and all congressional bills expanding the SCHIP program to cover even one additional American child - saying that expanding the program would be an expensive, budget-busting move - the Federal Reserve has moved to bail out one of the worst enablers of predatory lending in the country.
Yep! Bear Stearns has received a $30 Billion bailout of its shitty mortgage portfolio from the fed. This means that any and all loss in the portfolio will not be borne by Bear Stearns or JP Morgan (the buyer of Bear Stearns), but by the US Taxpayer - YOU!
So now JP Morgan Chase gets all of Bear Stearns assets and business deals for the paltry sum of $2 per share WITHOUT the load of dogshit mortgages which brought about the collapse of Bear Stearns. On top of that, JP Morgan Chase is financing the whole deal through the fed at a very low rate - a rate much lower than you or I would ever see on our mortgage.
Such a deal!
An executive with Bear Stearns said that its Manhattan office building is worth $8 per share. A link to the UPI story is here:
http://www.upi.com/...
But remember THIS! Expanding the SCHIP program to provide healthcare to American children is NOT worth the price that the taxpayers would have had to pay for it - a price tag roughly the same as the Bear Stearns bailout.
Who the fuck is running this country?
Celtic Merlin