Fairness?

Pissed yet again. Now it's about the various politicians claiming a "financial fairness" argument.

The argument is: since the Fed put up all this money to ensure Bear Stearn's assets, it's only fair they should also put up money to ensure the mortgages of ailing families.

It just goes to show that most people still don't understand what happened.

If you want the Fed to treat homeowners the way they treated Bear Stearns, here is what it would be like: all your assets would be taken over by another family in a better financial position than you are. You wouldn't lose your home and you wouldn't have to file for bankruptcy. But every financial move you make would be controlled by this other family. And if you didn't agree with them, they would have the right to kick you out.

Is that what people really want? I don’t think so.

Really, stop making the argument that the Fed's actions concerning Bear Stearns should be extended to everyone else. Nobody wants to pay the price that comes with that particular courtesy.