"It is also putting $30bn of US taxpayers’ money at risk by providing a lending facility to help JP Morgan acquire Bear Stearns at a knockdown price.

"That $30bn is secured against assets of questionable value. And if they turn out to be worth less than $30bn, well the loss will be taken by taxpayers, not by JP Morgan."

Was there any debate over whether to do this? Would that $30 billion be better spent on health insurance for Americans, for instance, rather than to bail out the wealthy? (I know, it affects everyone, but this is a direct bailout of wealthy folks. Who knew the risks, and call themselves "capitalists".)

Arf