The Fed pitched in tens of billions to keep Bear Stearns afloat. Will the people who were bemoaning the government aiding homeowners with subprime mortgages also speak up about this? There was a lot of elitist hang-wringing about people not learning a lesson if they didn't lose their home. Well, what about Bear Stearns?
Lots of hypocritical elitist bullshit surrounding all of this.
In January 2007 Bear Stearns was trading at $171.51, on December 31, 2007 they closed at $88.25, on Friday March 14th they opened at $54.24 and closed at $30.00. JP Morgan Chase will be paying $2 a share. Amazing.
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