After accumulating billions in bad mortgage debt, the financial institutions have finally conned the government into bailing them out. The first on the list is Bear Stearns. The Fed is set to trade good debt that it is holding for bad debt, which Bear Stearns has in spades. According to the article, this may be just the tip of the iceberg. Get ready for the Savings and Loan bailout all over again. That only cost US taxpayers a half-trillion dollars.
