Grin And Bear Stearns It

"We all watched with interest as the United States Treasury ... guaranteed the purchase of Bear Stearns at a 95 percent discount. According to a Treasury department memo, the American taxpayers will be on the hook for $30 billion (and probably a great deal more). We were informed that this was necessary to help solve a 'liquidity crisis.' A liquidity crisis is when Ole drills a hole in the stern of his boat to drain the water that is rushing in from a hole in the bow of his boat. Drilling a hole in the Stearns of this economy will have the same result."

Vance Opperman
Twin Cities Business magazine
June 2008
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