Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Share on LinkedIn Share on Reddit Tell A Friend Printer Friendly Page Save As Favorite View Favorites
OpEdNews Op Eds

Bear Stearns Bearish, Baring Bare Backside of Unbearable Heaviness of Bearing Bad Loans

By   Follow Me on Twitter     Message Carolyn Brodersen       (Page 1 of 1 pages)     Permalink    (# of views)   No comments

Related Topic(s): ; ; ; ; ; ; ; ; ; , Add Tags
Add to My Group(s)

View Ratings | Rate It

opednews.com

Author 7308
Become a Fan
  (1 fan)
- Advertisement -


Copyrighted Image? DMCA

 

Here's what the Federal Reserve had to decide over the weekend: Let the U.S. markets go into a free fall, like the demoed twin towers of the World Trade Center (and WTC7), or lend ginormous sums of money—that it does not possess because of the $225 Million U.S. per day expense of the war against Iraq—to keep Bear Stearns afloat on the ice floe that's melting due to global warming. (Did I include every deadly sin of the current administration in one question? Nah—I left out illegal spying on private citizens and the overall destruction of the U.S. Constitution. Oh, yeah, and failure to rescue the people of New Orleans during Hurricane Katrina.) So the Fed opts to loan $30 Billion of credit dollars—not available dollars—to JP Morgan so it can acquire Bear Stearns, so it can avoid sinking into the already gurgling slushy waters of the U.S.-led world economy impending disaster.

This reminds me of the brave little Dutch tyke who stuck his finger in the dike to prevent a deluge that would destroy his town. In that Hans Brinker story (written by an American woman, no less), the act of unselfish bravery does save everyone. But what will happen to the U.S. economy, and by our incontrovertible global interconnectedness, the world? I don't know, but am I scared? You betcha. My hubby and I are lucky enough to be homeowners. But what happens if that house becomes a money sink, or if my hubby, God forbid, loses his job (and we do know people who have lost their jobs recently)? So, weird, risky, stupid, no matter what you call the Fed’s move—along with the maybe even bigger promise to lend money to the 20 largest investment banks (it’s those pesky mortgage-backed securities that are behind these financial woes)—bad lending practices are coming back to bite us in the butt with big bear teeth.

- Advertisement -

 

 

- Advertisement -

View Ratings | Rate It

opednews.com

Carolyn Brodersen is a nonfiction writer, award-winning political and food blogger. She also pens book reviews, health articles, and how-tos. She is a published poet, with her works appearing in literary magazines and anthologies.

Carolyn Brodersen Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Follow Me on Twitter     Writers Guidelines
Contact AuthorContact Author Contact EditorContact Editor Author PageView Authors' Articles
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

STAY IN THE KNOW
If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
Name
Email
   (Opens new browser window)
 

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

Got a Traffic Ticket in the Mail for a Right on Red at an Automated Enforcement Light?

Bear Stearns Bearish, Baring Bare Backside of Unbearable Heaviness of Bearing Bad Loans

Palin v. Biden: Unamused by the Howdy Doody Schtick, Goshdarnit

Do You Know the Ricin Man? The Ricin Man, the Ricin Man . . .

The Opposite of Manglish: Asian Text as Art Background That Might Bite

Homelessness a Growing Problem in Lock Step with the Sinking Economy