Letters to the Editor
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I wish Jim stuck with his chosen profession
I'm surprised that Jim even listened. The man cares much more about baseball than the welfare of America. Now that I know that Jim Bunning opposes the bailout of Bear Stearns, I'm swayed to think that the bailout was the right decision.
As for bailouts in general, as a believer of Government intervention, I generally support them if they're warranted. I support them for the little guys and the big guys. The problem is that for too long now in the recent past we've only had ones for the big players. When bailouts are appropriate they help both the little guys and big guys. Helping consumers help companies, and helping companies critical the day to day operation of the economy aids consumers. Nobody benefits if the banking system were to collapse.
Though to agree with the previous poster, I don't see why the Fed couldn't have structured the bailout of Bear to expose the taxpayer to some of the upside. The bailout works because of the limits placed on the downside. JP Morgan in acquiring doesn't actually need to profit from the portfolio of Mortgage Backed Securities if they're value were to return. Of course that would place the Government is a slightly unholy spot of holding a market position...