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Let's Get Real About Bear Stearns

As long as Wall Street was making money hand over fist creating the derivatives that led to the current crisis, Washington and the Fed were content to let these makers of financial destruction proceed without hindrance. Now that things look grim, we have to spend the taxpayer's money to save the day. Clearly, in addition to re-instating some of the more reasonable regulations of financial markets so hastily discarded in the last 15 years, we need to impose a tax on Wall Street profits to fund a rainy-day emergency pool to finance these inevitable bailouts.