J.P. Morgan Bails Out Bears Bank
The recent bail out of Bears Stearns bank by J.P. Morgan and the Feds reminds us of the 1907 panic. At that time, banks were looming on the brink of failure. Flash forward to present time. It is as if history is repeating itself all over again. With the current financial failure of Bears Stearns bank and the possible failure of others, it seems like time is recurring again. The recent financial crisis that is looming over the United States reeks of the problems associated with the first stock market crash. Too much done too late at that time, and we didn’t have the programs that are available today.In this day and time, we have programs that can help us out of this recession. This is going to need much more than a bailout in order to improve. We need more jobs staying in the United States and more fair pay scales. When the stock market crashed the first time, they didn’t have the worry that we do now. We need to also pull ourselves up and get on with turning the economic factor around. We are responsible for this mess. It is time to take action.
Is this going to become more common, big banks bailing out other banks? This is unclear at this time. If we are going to survive this financial crisis, we need to get busy on what we really know is needed and leave politics out of it.