Business

A Bear’s Defense

Officials, Execs Defend Bear Stearns Bailout

“Federal officials and senior Wall Street executives appeared before the Senate Banking Committee Thursday to defend the controversial government bailout of the investment bank Bear Stearns. The Federal Reserve put up $30 billion to help JPMorgan Chase purchase Bear Sterns last month. The deal has come under criticism at a time when millions of struggling homeowners have received little assistance to deal with record foreclosures. Federal Reserve Chair Ben Bernanke said the government had to protect Bear Stearns to avoid market chaos.”

That’s right, you tell those American tax payers who’s boss! We’d like to have more to say, but the Chairman seems kind of cheeky and we really don’t want to talk back. He believes that if we understood what they were trying to do, we would better appreciate why they took those actions. Believe is Chairman, we understand fully appreciate the way you have so blatantly shoved, we mean extended, this opportunity down our pockets passed the lint and food stamps. Me-thinks I’ve got another idea! Just make the Federal Reserve our national banking system! Oh yay, that way the economy will be just like our President and Media, always & eagerly waiting for direction.

Federal Reserve Chair Ben Bernanke: “What we had in mind here was the protection of the financial system and the protection of the American economy. And I believe that if the American people understand that we were trying to protect the economy and not to protect anybody on Wall Street, they would better appreciate why we took the actions we did.”