Unless public money is used on a very temporary basis to achieve an orderly wind-down or merger of Bear Stearns this is another case where profits are privatized and losses are socialized. By having thrown down the drain the decades old doctrine and rule that the Fed should not lend or bail out non-bank financial institutions the Fed has created an extremely dangerous precedent that seriously aggravates the moral hazard of its lender of last resort support role. If the Fed starts on the slippery slope of providing massive liquidity support to non-bank financial institutions that have recklessly managed their risks it enters into uncharted territory that radically changes its mandate and formal role. Breaking decades-old rules and practices is a radical action that seriously requires a clear public explanation and justification.
I agree. Let me ask a couple of questions here.
Does Bear Stearns have a big screen TV?
What about bling? Any bling they could sell?
Couldn’t Bear Stearns just get a job, already? I mean, I know of six or seven places that are hiring. I don’t know what they pay, but surely it would be enough to keep them in sneakers and Xbox games.
I mean, just last week I heard that when we bailed out the airlines, jewelry sales at Wal-Mart went up 1400 percent. I didn’t see it myself, but my cousins told me they heard it from somebody who knows somebody who works there, and it was like Christmas morning when those government checks cleared. What can you expect, really, from people trained in government dependency, I guess, but it still pisses me off, because that’s my money. Fucking leeches.
Let me ask those questions, those questions we ask of every beneficiary of the smallest drop of government assistance. Let me ask why this is the ONLY scenario in which our parsimonious bullshit about personal responsibility, about choices and consequences, about “survival of the fittest” and other forms of sicko math, need not fucking apply.
Let me ask just how the unholy fuck it is that we can quibble every single day for hours over lunches that would feed a small village for a week about the ten dollars a year we give to some social program and how it’s going to waste because somebody fed us an anecdote about somebody somewhere faking their need. Let me ask just how the bloody fucking blue hell we can get all worked up over how the homeless people downtown don’t deserve our pennies because one of them said something rude to us on the way out of a store, and how they’re just gonna spend our 65 cents on booze and then pee on the stoop. Let me ask how on earth we can take all the time it takes to think up all the ways we think up to sit in judgement on every individual case we hear about, about how that person just didn’t work harder, didn’t suffer enough, didn’t earn “our” money, didn’t deserve “our” charity, didn’t bleed in front of us enough, and all the while, all the fucking while, we give it away by the millions and never ask where it goes. All the while.
Let me just ask. I’m sure somebody out there has the answer. After all, they had reasons why Katrina victims deserved to drown and die, be forced from their homes and screwed by their insurance companies and disregarded by their country. They had reasons why uninsured children didn’t deserve health care, why those who died from a lack of medical attention only got what they had coming. They had reasons why the people who came to emergency rooms were just looking for drugs, they had reasons why thieves got rich and saints got shot, they had all kinds of explanations for everything that looked to everybody else like a fucking problem we needed somebody to solve. I’m sure the answers here are just as simple, just as easy.
But I do think we should ask. And you know, I think we should ask in the same condescending, fuck-all-you-peasants know-it-all bullshit fuck-ass tone that we use when requesting that the rest of the nation’s needy prove their legitimacy to us. I think we should ask with the same nasty assumptions at the back of our throats, the same willingness to believe that somebody else is running a scam on us to get a fat government check, the same nasty, mean, small little pinchingness we use toward individual human beings. I think we should ask those questions.
I mean, for all we know, maybe Bear Stearns has a big ol’ diamond cross they could sell, to pay their own damn way.