$30 Billion of "Fed's Money" Well Spent?

It is nice to hear, from Alice Rivlin, in an op-ed article in the New York Times yesterday, that the Fed's money was well spent on the $30 billion guarantee ("loan") to JP Morgan in the unprecedented bailout of Bear Stearns. Rivlin, as a former vice chairman of the Federal Reserve Board, is just doing what most others in the mainstream press are doing: she's spouting the conventional words of