American tax dollars to be used to bail out Bear Stearns
Apparently, federal money is going to be used to bail out Bear Stearns. This ludicrous government charity of a corporation is unconstitutional and a misuse of taxpayer money.
Here’s the letter I sent to PA Senator Robert Casey, Jr., a member of the Senate Banking committee:
Dear Senator Casey,
I heard recently that a decision will be made shortly in the Senate Banking committee whether or not to bail out Bear Stearns, the bank which is facing bankruptcy amid a bout of poor choices and rampant speculation in the mortgage market. The figure required could be as much as $100 per American.
While I am aware that JPMorgan recently merged with a part of Bear Stearns, and was able to reduce its required amount by a billion dollars. This is not enough.
I urge you to vote against this if the money is coming from a federal source. Congress has no right of charity, even corporate charity.
Bear Stearns is bankrupt for a reason: poor decisions. I fail to see how the American taxpayer should pay for a single corporation to stay afloat when it has made poor decisions. There are other methods by which Bear Stearns could come out of its bankruptcy, methods which do not require the involvement of American tax dollars.
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21 March 2012, 5:58 am