Question: "My question to John would be:

What is your view on the Treasury guaranteeing the Federal Reserve protection from losses from the Bear Stearns bail out?

It seems that now any one can spend tax payer's money without ever going to congress. I guess the fed is operating on the principle that it is easier to ask for forgiveness than permission." -- abcxyz

Answer: You could probably make a decent pro or anti-Bear Stearns bail out argument, but I think the government should have stayed out of the picture.

That's because, as a general rule, I oppose corporate welfare and don't think the Feds should be deciding which businesses live or die. Moreover, the federal government simply shouldn't be using our tax dollars for that purpose.