"Unusual and exigent circumstances."

How about unprecedented? If these "loans" ever get paid back, I'll eat my hat. You heard me! I'll eat my hat!

Not that there's anything necessarily wrong with bailing out the banks (in the olden days the House of Morgan would've done it), but nothing seems to have been done to mitigate against the "moral hazard." What will prevent banks from doing another run of shitty loans someday, now that they're thinking that the Fed will bail them out again?

The other worry, of course, is whether the shitty loan run was so big, that even billions and billions of Fed money will only postpone an inevitable violent unwinding. Then we're stuck with a devastated financial system and a bunch of money down the drain we could have invested elsewhere, like in job-creating infrastructure projects or whatever.