The Taxpayer Bailout Of Banks And Brokers Has Begun...

[BlooInBloo]

(via Atrios)

Treasury Agrees to Absorb any Losses to the Fed from Bear Stearns

Video from CNBC (hat tip idoc)

CNBC's Steve Liesman reports on a letter from Treasury Secretary Paulson to New York Fed President Tim Geithner. In the letter, Treasury agrees that the Fed can bill Treasury for any losses from the Bear Stearns deal.

[LakeSamish706]

1. Is there no one out there that can stop this bailout? This is ridiculous that tax payers...

she bail these scumbags out. No one is bailing out the home owners that are loosing there homes due to repo's.... This is pure bullshit.

[sinkingfeeling]

2. Read this about the New 21st. Century Welfare Kings...

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=103&topic_id=349779&mesg_id=349779

[DJ13]

4. The Truthout link in his post no longer works

[sinkingfeeling]

7. Here it is again...

http://www.truthout.org/docs_2006/033108A.shtml

Both links work for me.

[DJ13]

3. So THAT explains why the market is going up today

Why is it that welfare for the poor is a bad idea, but welfare for the wealthy is a great idea?

[BlooInBloo]

5. Because nobody like poor folks.

[Turbineguy]

6. It seems we don't have a choice

As a result of lax oversight we can bail out a few people or we can lose our retirement and put the economy into a depression. Yes, Bush gets propped up on this too. But considering we would have had a republican president anyway...

Also, as a point this whole irresponsible lending debacle came about as a result of trying to get poor people into home ownership but more afluent people got on board and overborrowed. The change in the rules were never intended for higher income individuals. But of course the real profitable loans were the big loans.