>If not a bailout the other
>option would be what?...........
>Screw all the other investors and
>say sorry bad break for
>you. Your FDIC moneys will
>not be covered. Can't very
>well pull that off without
>any repercussions.
what bailout are you referring too? Fannie and Freddie? Bear Stearns?
They did have to be saved but they didn't have to saved on the backs of the tax payers. They should have also broken them up and made them private corporations. Let them compete in the market like any other private mortgage company. We can blame Greenspan and congress for this mess. Congress made it mandatory to lend money to people that where not worthy of loans trying to get money into inner cities etc. Greenspan convinced congress to get rid of banks having to keep 10% in reserves. They lifted the reserve requirement and now there was more money to lend. The gov requires a certain % to go to people that really can't afford the loan and now they can't pay. walla...here we are. They did nothing to fix these problems with this bailout so down the road your going to see it happen again!
There have been a couple smaller bank failures and yes the deposits should be insured by the fdic. But Bear Stearns was an investment bank, with any investment there is risk. So...sorry pal, you lost your money.
