This weekend, the Federal Reserve backed a bailout of Bear Stearns to the tune of $30 billion dollars. The deal would allow JP Morgan Chase to acquire Bear for $2 per share. It’s the corporate equivalent of getting a new Porsche for a nickel because some guy cheated on his wife and she seeks revenge through auto sales. It’s nice that Bear won’t go under and take the economy with it, but I’m getting really sick of government bailouts. (more…)
