[lbo-talk] populist eruptions

[Doug Henwood]

Dean Baker's populist eruption the other day about the Bear Stearns  
bailout turned out to be a little premature. Far from bailing the  
firm out, it basically no longer exists. Many, maybe most, of the  
employees will lose their jobs and the stockholders have largely been  
wiped out.

Bear refused to take part in the LTCM rescue ten years ago, which is  
unusual, since most firms don't want to alienate the central bank. I  
wonder if the Fed didn't have a little revenge on its mind.

Doug