Bear Bail Out- Where’s Mine?

I am still in shock over the Fed bailout of Bear Stearns by Jamie Dimon, CEO JP Morgan.
The price was so low ($2) that shareholders raised a fuss and so they raised it to $10.
Many people are saying if they made bad bets on the market, then they should pay the price and fail.
Other people say that if they fail, many more will fail and we will have a depression on our hands.
How did we get to this point where no one can fail and no one is accountable and no one takes responsibility for their actions?
By the way, this seems to be a theme in our workplace, schools, and society at large nowadays.
By the way, Jamie Dimon used to work for 18 years at Citigroup (which got major securities fines). He was inline to succeed CEO Sanford Weil when Weil ousted him. He also ousted his daughter, Jessica.
But enough of that. Did you know that Jamie Dimon also sits on the Federal Reserve Board- that’s right the same Board that negotiate the deal with JP Morgan’s CEO, who is also Jamie Dimon.
The seven degrees of Jamie Dimon.
Can you say conflict of interest?
Where’s my bailout? I lost my home and career. I don’t see any government helping me out.
By the way, after three years 200,000 residents of New Orleans are still displaced. If we can bail-out Enron, Bear Stearns, the airline industry, Iraq, and who knows what’s next—- why is unemployement up, bank foreclosures at an all time high, homelessness, poverty, and hunger growing?

Tagged as: poverty bail-out