(New York, New York) Ucs Financial News: Bear Stearns, squeezed by the sub-prime crisis, needs an emergency loan and America cash strapped tax payers will foot the bill. Finally after 7 years the Bush-o-nomics master plan is complete. Middle and lower class families facing foreclosure and record high fuel prices get to bail out Wall Streets Blue suited bandits.
Bear Stearns said its ability to finance its operations had "significantly deteriorated" in the preceding 24 hours, compelling it to borrow an undisclosed amount of money from the Fed. Meanwhile my neighbor is two months behind on his mortgage but the Fed isn't returning his calls.
George W. Bush should be proud, the upward distribution of Americans wealth is nearly complete. I'm just waiting for Exxon Mobile to start buying up Americas foreclosed property.
Maybe Alan Schwartz, Bear Stearns' chief executive will be selling his 2nd and 3rd homes to help rescue the working stiffs that just saved his butt? Or maybe he should turn his salary over to the share holders that just got wiped out? Maybe he should resign and let an adult run the show?