I have been trying to respect the Fed ever since Bernake took over the position. However, recent events are leading me to believe that they have no idea what they are doing. The fact that they would allow Bear to be sold for less then book value and protect JP from the downside is just wrong. This would be like having a friend who you know is in financial trouble have the government come in and sell all their stuff to keep them from having to go bankrupt. That may seem ok until you find out they sold all of your friends stuff to a person for $2 and told the person that if they did not make at least $2 off the stuff then the government would make up the difference. If you hear anyone that says the Fed had to do this they are wrong. For some reason JP basicaly cheated the system and odds are they will get away with it.