Bear Stearns has been sold to JPMorgan for $250 million. That is straight up phenomenal. I’m a little disappointed about this part:

The companies said that the Federal Reserve would provide special financing in connection with the transaction and that the Fed had agreed to fund up to $30 billion of Bear Stearns’s “less-liquid assets.”

I don’t think we should be bailing out these fools for getting us into this mess in the first place. That doesn’t pass the sniff test. First we print $200 billion which I hear is half the amount the Fed has available to hand out, and now we are backing the riskiest securities of the now dead investment bank. More info on the steps leading up to this available at DailyKos. Get the money printing press going, time to start printing those greenbacks, money for everyone, at least if you’re an investment bank serving the richest of the rich and only the rich. We wouldn’t want the home in the Hamptons to be foreclosed on.

http://www.nytimes.com/2008/03/16/business/16cnd-bear.html

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