Thirty Billion not a Bailout
03.19.08 (2:53 pm) [edit]It takes the government 6 months to distribute one hundred and fifty million to american citizens it considers in need and it took them less than 24 hours to come up with 30 billion to loan J.P. Morgan to buy out the failing Bear Stearns. Then they have the audacity to tell the American public that it is not a bail out. Who do you know that can borrow thirty billion at two percent without any collateral.
J.P. Morgan made out with a great loan but for those of us who have I.R.A's, 401k's and other retirement portfolios watch from now on the snail pace at which they grow. So the old adage that my loss is your gain holds true.