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I was just responding to the Bear Stearns part. I've heard so many people over the last two weeks say something like "if the government saved Bear Stearns why won't it save people from losing their house?" Missing the fact that Bear Stearns wasn't saved, that millions of individuals were saved from their investments going into bankruptcy court, and the "government" didn't do it, the Fed did which has absolutely no ability to help an individual with their mortgage -- no matter how far it stretches its mandate.
While I wouldn't agree with using the word bailout for the industry credit part I wouldn't strongly object to it either. And the actual government has been doing various things to try and bailout individual mortgages, most recently easing restrictions on mortgages purchasable or guaranteeable by various quasi-governmental agencies.
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