Mar 17, 2008

Fed approves bailout money to shore up Financial markets

Its not a small loan either..$30 Billion. Of course "the people" won't be seeing any of that money..just those Corporations that got greedy and fucked themselves..from the NYT:

Hoping to avoid a systemic meltdown in financial markets, the Federal Reserve on Sunday approved a $30 billion credit line to engineer the takeover of Bear Stearns and announced an open-ended lending program for the biggest investment firms on Wall Street.


After a weekend of intense negotiations, the Federal Reserve approved a $30 billion credit line to help JPMorgan Chase acquire Bear Stearns, one of the biggest firms on Wall Street, which had been teetering near collapse because of its deepening losses in the mortgage market.

Someone explain to me how using our tax dollars to save greedy investors is a good thing..anyone? No one is worrying about the elderly on fixed incomes, the working poor or the disabled in the same boat. Oh..thats right..they get a whopping $600 bucks in two bad.

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