Tuesday, March 18, 2008

Bear Stearns

No matter how many times I see this clip it's still funny every time. Here is a clip of Jim Cramer on an episode of CNBC's Mad Money which aired Tuesday, March 11th.

Here is what I found interesting/very sad, for those of you not paying attention the Fed rushed to bail out Bear Stearns by helping to broker a deal between Bear Stearns and JP Morgan, as part of the deal, the Fed put up $30 billion to guarantee Bear Stearns riskiest investments. While at the same time the Fed and the Bush administration have done next to nothing to help out those facing foreclosures on their homes.

On Monday, reporters questioned White House Press Secretary Dana Perino about the bailout.
Reporter: “But people who are facing, say, foreclosures, individuals, the little guys who are facing their foreclosure, are looking at the big guys getting government, if not brokered, certainly they’re overseeing deals that are engineered to sort of keep the big picture financial community afloat, and they’re saying, well, where’s my boost of liquidity?”

Dana Perino: “They’re going to get that boost of liquidity in the form of a stimulus package and a tax rebate that’s coming to them the second week of May.”

Reporter: “But that’s not going to save their houses.”

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