FED BAILOUT WILL ONLY HURT US; NOT HELP

It took me by surprise when I learned that the small bank of Bear-Stearns was on the brink of financial ruin.

It stunned me even more when a rival bank and the Fed decided to "bail out" the bank by giving out a loan that would allow it to remain in operation for another 30 days.

Why does this sound like a nightmare--instead of a candy-coated dream?

I don't remember much of the S&L scandal, but I do know that it hurt American taxpayers pretty bad in the pocket book. (Which John McCain was an accessory to--if anyone cares to recall.)

So why is it in our best interest to bail out bad lenders, mortgage brokers, and investors--from the very "Mary Shelly" scams that they themselves participated in and helped bring about?

The reason is quite clear: The Fed is trying to salvage whatever dignity it has in an equally bad situation. Since the interest rate cuts aren't...how shall I say this...cutting it...? Ben Bernanke has decided the next best thing is to start bailing out the current ship of state--in hopes that this move will lessen the impact the recession already has on us.

He thinks that money is going to solve everything. And in doing so, create the biggest financial mess seen since the days of Herbert Hoover.

Will the government be around to bail us out when that day comes?

Probably not.

Schuyler Thorpe

xxxth Street xx #X001

Everett, WA 98204

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