Taxpayers, have a look at your new portfolio!

[Peter Suderman]
A colleague notices that the New York Fed has released some details on the Bear Stearns bailout, which is probably a little bit important considering the public could end up footing the bill if things go south. The whole situation is a bigger mess than Ishtar and Waterworld combined (a movie which, okay, I'd actually like to see), but I tend to think skepticism, of whatever sort, is a far more appropriate a reaction than the "Bernanke is my kind of guy" Fed-love we're seeing in some quarters.

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Megan McArdle is a columnist at Bloomberg View and a former senior editor at The Atlantic. Her new book is The Up Side of Down.

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