What could Bear Stearns deal mean to consumers?

Full story: Newsday 70
In financial moves some experts said are reminiscent of the Great Depression, the Federal Reserve has engineered the sale of the ailing investment firm Bear Stearns to JPMorgan Chase for nearly $270 million. Full Story
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Pat

Wappingers Falls, NY

#62 Mar 18, 2008
Whine Whine Whine wrote:
<quoted text>
"... create one class of equally stupid people ..."
???
create?
We're already there pal!
The stupidity amongst the masses exists when they themselves vote (or cheer, whichever you prefer) against their own interests and continually allow their government/leadership to keep them in fear.
The People should not fear their government, their government should fear them.
Remember, government exists to "serve" The People, not swindle them and certainly not to serve themselves or those who walk within the same circles they do and slight anyone else.
You speak of the "liberal/democratic/commu nist/left-leaning advocates" having to "do with increasing the governance of our personal liberty" and "increasing government control of our money and economy" but would deny to your death the fact that our CURRENT leadership has done EXACTLY what it is you speak of.
You must have missed it.
Unless the current leadership consists of those 'liberal/democratic/communist/ left-leaning' you speak of, which I DON'T THINK SO or at least that's not what they tell us, you have failed to see the hypocrisy in your own words.
Actually you are spot on when you allude to the fact that our current administration has increased government control over our freedoms and the economy.

However, I have no idea what you are speaking about when you state that you do not wish to live in fear of the government - please advise as to which Americans are living in fear of our government? I do not know many people that vote against their own interests or cheer against their own interest. But then again, perhaps I am just too stupid to know these things or fear the government...

As for the people in power doing favors for their circle of friends - this is a practice that has existed since mankind formed governments. Just ask Marc Rich or the FALN terrorists that were pardoned by Bill Clinton.

The current United State government consists of many liberal/democratic leaning Senators and Congressmen. I must have missed when they decided to throw Ted Kennedy out of the Senate for the DWI murder he committed on Martha's Vineyard - oh wait those people in the inner circle of government got him out of that one long ago or I am one of the stupid masses that lives amongst idiots that would vote against their interest by placing Kennedy into office for 50 years...

I am going to go out and find some moron so I can sell him a bag of dog feces for $50 by convincing him its the next best thing since real estate. After that I am going to donate $100 to the Bush library in Crawford Texas so he can employ one of his cronies at a cushy librarian job for $200k a year.
USA 350

Columbus, OH

#63 Mar 18, 2008
Dennis wrote:
The comment about 2 years for the down side is really interesting. That is a long time for things to happen!!!!!!!!!! The way this world is tied together things could get ugly quick.
I have to agree with you there;Bear crumbled the worst in two days, Wed &Thurs-3/12-13.It was a 'Classic' run on the bank!
USA 350

Columbus, OH

#64 Mar 18, 2008
how sad so sad wrote:
Wall street was like the five year old in the candy store with mommy's creditcard. Now the kids have a stomach ache.
Business does many things well, but it cannot control excess. That is the mythology of the republican/ conservatives.
The 'Dot-com' bust happened during Clinton's Administration,genius!
darker

Hawthorne, NJ

#65 Mar 18, 2008
It means that consumers--middle-income American TAXPAYERS--are screwed as usual. Corporations can get rich going bankrupt but Republican policies say that the rest of Americans can go to hell.
how sad so sad

Charleston, SC

#66 Mar 18, 2008
USA 350 wrote:
<quoted text>The 'Dot-com' bust happened during Clinton's Administration,genius!
Right, dot-com bubble happened during the Clinton administration. It was CREATED during the Reagan administration with changes in enforcement and laws. FDR had it about right... regulated markets.
Ralph

Brooklyn, NY

#67 Mar 18, 2008
how sad so sad wrote:
Nope, the mythology of the democrats/liberals is that all cars need brakes, including Wall Street and the governemnt is the only responsible party capable. Republicans removed too many governmental brakes from the economy. The result is wilder rides and more injuries.
Crying about your 401(k)? Think Reagan and the pension busting of the 80's. Risk passed from the employer to the employee. Like Bank Crashes? Think Reagan and the republican's repeals of the Depression's banking and securites Laws to allow banks to merge investments into commercial banking. Like faraudulent securities, Republicans limited securities recoveries in 10(b)5 actions. Risk passed from the Corporate banks and investment houses to the depositor/investors.
Bush and Co. merely accelerated and expanded the processes that were put into place by the Reagan administration. The Republican anti-government mythology removes the economy's brakes, puts the children in the car and tell them to go faster and faster down the hill, until there is a crash.
<quoted text>
It is sad how long a post you have written, and yet it is all untrue. If there is any administration at fault for the banking crisis it is the Clinton administration. It was during the Clinton administration that the Glass-Steagall act was repealed allowing deregulation of the banks. In addition it was during the Clinton administration that the Community reinvestment act was enforced forcing banks to lend to uncreditworthy customers. Although these are not the underlying cause of this crisis, They are the main contribution of government in causing this crisis. The fact is the real cause is very complex and is due to multiple factors including the borrowers, the banks, the appraisers, the bursting of the real estate bubble, the mortgage brokers and the mortgage underwriters. The Bush administration is not the cause and had nothing to do with this crisis.

Since: Oct 07

Bellmore, NY

#68 Mar 19, 2008
Leave LI wrote:
I have a question? Does anybody purchase Newsday or does everyone just read the news for free like I do. Just would like to know.
i buy a newsday maybe once a month if that.

Since: Oct 07

Bellmore, NY

#69 Mar 19, 2008
Pat wrote:
<quoted text>
Perhaps you missed the part where I stated that greed is a two-way street? You could define this as a bank problem but the fact is that most banks did not deal with the borrowers directly. A bank like Bear Sterns does not issue mortgages but in fact purchases mortgages in bundled packages called collateralized mortgage obligations. So the bank who buys the bundles is to blame but not the bank or company who actually issued the mortgage - the mortgage company and/or the mortgage broker. They should be blamed. What about the person who brought the borrower to the mortgage broker - the real estate broker. They certainly should be blamed. What about the person who appraised the property for the amount of the sale - the sellers and the appraiser. The sellers never should have sold for an amount the property was not worth and the appraiser should not have appraised the house for such a high amount. What about the person who did the real estate contract - come on everyone hates attorneys. Lets blame every single person but the borrower and cry about how people get taken advantage of by the big bad banks and people that are smarter than them. If you really believed they were taken advantage of, I would think you would be happy to see the so-called "smart" people actually look like morons when the mortgages implode. So who took advantage of who - the squatter living in the house he cannot afford or the thousands of bank employees about to lose their jobs because they decided to overlook fundamental economics.
I guess you missed the part where I said yes the buyer is at fault but they are not alone.
So we agree! But Im glad you posted bc they were all good points.
Go figure

Kingston, NY

#70 Mar 19, 2008
how sad so sad wrote:
<quoted text>
Right, dot-com bubble happened during the Clinton administration. It was CREATED during the Reagan administration with changes in enforcement and laws. FDR had it about right... regulated markets.
Wow, Reagan was almost dead when the dot com bubble burst but it was his fault? You liberals will reach anywhere to blame a republican for economic downturns ( even though most post WW2 booms were with republicans in office ) You, sir or madam, are the one that is sad.
how sad so sad

Charleston, SC

#71 Mar 20, 2008
Go figure wrote:
<quoted text>
Wow, Reagan was almost dead when the dot com bubble burst but it was his fault? You liberals will reach anywhere to blame a republican for economic downturns ( even though most post WW2 booms were with republicans in office ) You, sir or madam, are the one that is sad.
He was brain dead in office, or at least sleeping.
The seeds of the catastrophe were put into place during the Reagan and Bush #1 administrations. They relaxed the regulations too much. Took a while for the economy to get sick from too much de-regulation.

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