When multimillion dollar earners are threatened in any way, the Fed and Wall Street comes running to the rescue. But when millions of average citizens are threatened with losing everything that they have ever worked for, all they get is armed militia beating on their doors with weapons drawn to evict them. Since the bankruptcy laws were changed to the detriment of the borrowers, the next thing that we can look forward to is the return of "debtors prison".
Bear Stearns Bailed Out by Fed, JPMorgan
Bear Stearns Bailed Out by Fed, JPMorgan
NEW YORK (AP) - Bear Stearns Cos. (BSC) (BSC), one of Wall Street's venerable investment banks, received a bailout Friday by the federal government and JPMorgan Chase & Co. (JPM) (JPM) in a surprise, last-ditch effort to save the 86-year old institution.
The Federal Reserve responded swiftly to pleas from Bear Stearns that its coffers had "significantly deteriorated" within a 24-hour period. Central bankers backed an arrangement to bolster the company, and stood ready to provide extra resources to combat a credit crisis that now threatens one of America's biggest financial institutions.
