It's well known that many Bear Stearns shareholders are not too happy that they may be asked to bear at least some portion of the cost of rescuing the financial markets from aftershocks of a Bear Stearns bankruptcy. Many believe they'd fare better in bankruptcy. Politicians are also lining up to take advantage of the government's role in the rescue-through-buyout plan, calling for greater regulation. But it's not just shareholders and politicians. Outrage over what is widely seen as a bailout is spreading to the broader public, including girls obsessed with celebrities, sex and fashion.
Over at Jezebel, Moe Tkacik has penned an impassion plea for Ben Bernanke to stop aiding Wall Street. It's rather long on passion and short on analysis but it gets one thing right: there's a great irony that our the masters of financial system, which has been shucking off regulations for years, have suddenly discovered the need for close government supervision because of the fragility of finance.
Anyway, here's Moe, who writes in prose that would make even Bess Levin blush:
So fuck the Street, Ben Bernanke; just this once, just for, like, a quarter or something. You don't have to play rough; I'm not asking you to nationalize any industries or institute land reform or anything, just give them a little scare. They chose this path, you know. They chose to worship Ayn Rand and wear those Paul Smith shirts and pay zero money down on their Hamptons summer homes and obnoxiously, whenever confronted by someone like myself at a bar, claim that the Market Solves Everything. Let the market solve this one for them. People are eating dirt for dinner in Haiti, Ben Bernanke; you can let Bear Stearns go to bankruptcy court.