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Originally Posted by Nails
Guess who controls the house and senate? If you guessed democrats then you won! They are the ones who bailed out bear stearns.
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You just say anything, right ? And you so believe it that you , as usual, do not even make the effort of backing up your blanket claim... You said it, so it is true...
What is worse is that americans believe that after being said so over and over again ... just a bit like ... the famous WMD ....
Quote:
Senator Christopher Dodd, the Connecticut Democrat who heads the Senate Banking Committee, asked Paulson to appear before his panel on April 3, along with Ben Bernanke, the chairman of the Federal Reserve, and the top executives of Bear Stearns and JPMorgan Chase, which has moved to acquire Bear Stearns.
Meanwhile, the Senate Finance Committee will investigate "just how the government decided to front $30 billion in taxpayer dollars for the Bear Stearns deal," in the words of Senator Max Baucus, the Montana Democrat who is chairman of the panel. He and the committee's ranking Republican, Senator Charles Grassley of Iowa, wrote a letter asking for extensive details of the transaction.
Paulson defended the Fed's recent offering of a $30 billion credit line to JPMorgan Chase as part of the deal, but he said such moves ought not to become routine.
"The Federal Reserve acted promptly to resolve the Bear Stearns situation and avoid a disorderly wind-down," Paulson said at the United States Chamber of Commerce's annual Capital Markets Summit. "It is the job of regulators to come together to address times such as this, and we did so."
http://www.iht.com/articles/2008/03/...cndpaulson.php
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Quote:
On the Brink of Collapse, Bear Stearns Gets a Lifeline From a Rival and the Feds
NEW YORK (AP) -- On the verge of a collapse that could have shaken the very foundations of the U.S. financial system, investment bank Bear Stearns Cos. was bailed out Friday by a rival and the federal government. The near-miss raised new alarm about the credit crisis -- and whether other big firms might be in jeopardy.
The rescue came from JPMorgan Chase & Co. and, in an extraordinary step, the Federal Reserve, both rushing to pump new money into the venerable Wall Street firm after its financial state deteriorated so much in a 24-hour period that it threatened to fail.
http://biz.yahoo.com/ap/080314/bear_stearns.html
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Don't bother with another drivel ...