Raw Deal

Jewel box life, diamond nights, and ruby lights
High in the sky
Heaven help him
When he falls
--Sade

The more I reflected on the Fed-orchestrated buyout of Bear Stearns (BSC) by JP Morgan (JPM) last week, the angrier I got. In a market system, you can't have two parties appropriate the property of a third party without consent. John Hussman discusses it more elegantly than I:

http://www.hussmanfunds.com/wmc/wmc080324.htm

This deal is illegal. Congress needs to stop it.

Whether we step up and uphold principle here may go a long way in forecasting where we're economically, and socially, headed.

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