Bear Stearns, they had you, you never had them

Bear Stearns, they had you;
You never had them;
They ripped you off,
Now you bailed them out;
So Bear now that you, have been eaten by Chase;
Goodbye, goodbye.

(spoof of John Lennon's Mother You had Me, I never had You.)

Bear Stearns has disappeared, but the problems that is caused live on. There is a tremendous amount of paper out there that was originated by Bear Stearns, not only sub-prime mortgages, but CDOs, CLOs and the whole alphabet soup. Now it is time to put the paper itself into a bankruptcy reorganization. The more we try to subsidize these deals and sell off the worthless paper, the worse for the real economy. If this doesn't stop, this could be a new dark age.