Damage control.

I just saw the Nutting piece, good job.

I do not understand why the Fed has facilitated JP Morgan buyout of Bear Stearns... as it is JP Morgan is paying 10 cents on the dollar of the BSC shares prices just one trading day ago. Why O Why did the Fed step-in? Are not free market forces supposed to be sufficient to correct these things?

This whole move by the Fed is not transparent, and counter to the principles to which it aspires. It looks very dirty, collusionary, corrupt... Dean can you help us understand this?

It really upsetting that the Fed would bail out a wall street company. I don't think they would do the same for my hometown bank, a FDIC member. What is up with this?

Its becoming uncomfortably clear that as each day passes more and more control of the financial market is lost. Its absolutely amazing that the solutions (if anything at this stage could be consider a solution)are only digging a deeper financial hole for all of us chickens living in la,la land USA.

Could you put in a little, perhaps "introductory lecture" on what happens when we spend money on a war? Why isn't this the ultimate stimulus package? Where does that money go? Are jobs created? Just ones we would prefer not to create given their short life span? It seems that we should be in a growth spurt that would put the aftermath of WWII in a basket.

According to AP:

The Fed will provide special financing to JPMorgan Chase for the deal, JPMorgan Chase said. The central bank has agreed to fund up to $30 billion of Bear Stearns' less liquid assets.

Turn out the lights, the party is over.
http://www.independent.co.uk/news/business/news/wall-street-fears-for-next-great-depression-796428.html

People can be entirely decent people in their personal lives while either directly or through negligence causing enormous harm, or even death, to any number of people in their societies.

I'm sure that Michael D. Brown was nice to the people around him. But I really don't care in the slightest what his personal nature is when it had to do with his public responsibilities for disaster response in the Katrina situation.

Hard to say if as of a year ago Bernanke was engaging in wishful thinking or was delusional. Certainly there were people at the Fed who were losing sleep, with Timothy Geithner the most public. I know others were also. But I think there is also the happy talk scenario of trying to make things right by talking them up. Do not know if that is what BB was trying to do or not. Clearly did not work out for this mess, and the real problem is that they do not have any good tools to deal with this, and they know it. They are now frantically running from one improvised strategy to another, and their fear itself is becoming obvious and a factor in the further unraveling.

By the way -- is either Bernanke or Paulson doing a "heckuva job" yet?

Dude, just saw you on CNN 12:00 noon show.

I am so happy that you're on the tube dude, but PLEASE get a tie that fits right. If there's one guy on TV that looks off in a suit it's you, and we can't have you marginalized because someone didn't check you over. Unfortunately, it's still a visual media despite all the intelligent stuff you say, it's hard not to see the tie thing.

Please man, we need more of you on TV to go head to head the bozos on there. I'm just talking as a fan.

Simple ...

Fire the privately owned and operated Federal Reserve and institute a public central bank that will demand answers and bury dead banks. As you yourself have pointed out the British government has done just that with Northern Rock.

Time to fire the Fed ...

re: Ted
LOL so true. Dean, I'm also a huge supporter (might recognize me from Economist's View) but you need to hire a stylist or have someone recommend a tailor!

in general though, keep up the great work!

Damn, I think my mother must have infiltrated this list. I'll try to get a better tie for the next round.

I only have the very basic cable, so I don't get CNN and can't critique Dr. Baker's fashion sense, but I'm overjoyed to know that I'm not the only one here who is likely to do so. Perhaps, though, we should send him for a makeover--a hipper, more urban vibe. Then he wouldn't have to wear a tie at all.

At this point, the financial markets need credible analysis from the Fed, not happy talk....Bernanke has to start being open and honest in addressing the country's financial problems.

Not from a Fed Chairman. Not until they leave anyway a la Greenspan. He'd NEVER be saying the things he is now whilst Chairman. They at least want to preserve the notion that they might know what's going on and maintain confidence in that regard....even if they don't and are fighting a rearguard, seat of the pants offensive.

"Perhaps, though, we should send him for a makeover--a hipper, more urban vibe."

Template: how about the Jon Stewart look as a general direction. As for specific recommendations, I present the 4 N's:

-narrow fit
-narrow collar
-narrow tie
-narrow lapels

Suit and tie in a simple solid, dark color.

You can't really go wrong if you get it fitted by a good tailor.

PS - the new in thing is capes. yes, capes. I kid you not:

The Fader
On The Street: Capes
http://www.thefader.com/articles/2008/3/17/on-the-street-capes

No, ddt, no cape. A cape goes way over the line, from hip, urban vibe to object of ridicule. We're not aiming to transform Dr. Baker into SuperEconomist.

don't worry Peon, I was totally joking about the cape. most ridiculous trend ever...

Actually, I was joking too. I particularly liked the reference to a cape with bare legs for Spring. What a frightening thought. Almost as frightening as having someone who knows me come across this discussion and give a description of the clothes I wear.

you were joking? damn it, and I thought I looked so good in my new cape.

Oh, please, please, post a picture of yourself in the cape. And it's spring, now, so remember, bare legs.