JPMorganWe taxpayers are on a bigger hook

THAT is the bottom line of JPMorgan upping its offer for Bear Stearns to $10 a share from the original $2 exacta.

That’s doubly true with Morgan’s tightened guarantee of Bear’s liabilities. The Fed hasn’t said it is any less backing this sweetened deal than the original one, so you and I, the taxpayers, are now on a bigger hook, being played as a bigger fish.

Ben Bernanke, The Worst Fed Head Since Greenspan™, continues to amaze.