From James Pethokoukis at US News:
The Fed's brokering and backing of the JPMorgan-Bear Stearns deal may be just the start. Think about it: Uncle Sam might well be on the verge of doing one or more of the following: 1) refinancing a couple million mortgages and requiring lenders to write down the value of loans; 2) buying--via the Fed--billions in mortgage-backed securities; 3) creating a new government entity to nationalize troubled institutions.
Nationalizing part of the housing industry? Nationalizing health care? Sounds like we are marching down the trail to socialism. A scary outlook for our free market economy!
I am not often someone who conforms to the field of controversy, but something like this would make for a very interesting beginning to a novel ending in a 1984esk environment.
Definitely some interesting questions. What does everyone else think?