No Leprechauns in America
For centuries, the leprechaun has served as a symbol that everyday people through luck or hard work might one day be able to obtain their own pot of gold. For American’s those days might be over.
Hoping to avoid a sytemic meltdown in financial markets, the Federal Reserve agreed yesterday to approve a $30 billion loan to engineer the takeover of Bear Stearns.
The loan marks the first time in our nation’s history that the federal reserve has bailed out an investment bank.
The problem is that Bear Stearns is a victim of its own faulty business practices, and by bailing the bank out, the Fed is essentially putting the kid back in charge of the very candy store that he stole from.
Currently, American’s owe more money then their houses are worth, the stock market continues to tumble, unemployment is rising, the dollar is falling, and if the bail out of Bear Stearns fails, infusing an additional $30 billion into the economy will likely cause widespread inflation at the very time when American’s don’t have the money to spend.
So while it might be St. Patrick’s Day, just remember you can’t celebrate without the beer money.
