From article: The Fed board also approved the creation of a special lending facility through the New York Fed that would be available to members of its primary dealers list, which includes both commercial banks and investment banks.
This is what I'm asking about, not just the Bear Stearns "fire sale." The bailout of perhaps dozens or hundred or more will likely be in the offing...
While it is unusual, I don’t see the creation of such a facility as a bailout. On the other hand, let me say that a year from now, when the dust has settled and we read about all this, I suspect you might actually feel different about the Fed’s actions.
Bear Stearns was a very big player in the Sub Prime Mess....they needed to be taken out!