By now you've probably heard that Citigroup, Bank of America and JP Morgan have agreed to buy "billions of dollars worth of troubled investments." According to the articles I've read, experts are saying this move is designed to stop the slide our economy is suffering as a result of the sub-prime mortgage fiasco and the credit crunch that followed. The media is putting this out as if this so-called bailout has the potential of saving our collective asse(t)s from financial ruin. Leave it to the media...
Call me a naysayer if you must, but I don't think these groups are doing this out of altruism. They're doing it to save their own (green)backs. Look, it was our lending institutions that got us here in the first place, and there wasn't much action until the government and the IMF started asking questions. Now, suddenly they're coming up with some money to "save" us.
They're not looking after us, they're looking out for themselves. They see themselves losing a lot of money now and even more in the long term. They figure it's less bad to hemorrhage money now and make it up in the long term, as opposed to a slow death. They're trying to keep the government and investors off of their back, and money in their pockets. This bail-out? It's not for us, folks.
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