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BAILOUT WATCH….The latest financial bailout news:

The Federal Reserve, continuing its expansive campaign to try to keep cash flowing through the financial system, unveiled a new program today that acts as a backstop to money market mutual funds….The Fed said this morning that it will lend up to $540 billion to new special entities that will stand ready to buy up that short-term debt from money market mutual funds.

Well, we’re now guaranteeing money funds, the commercial paper market, interbank lending, and commercial deposits up to $250,000. There are so many term lending facilities available I can’t even keep track of them. We’re buying up toxic assets from banks and providing them with $250 billion of new capital (so far) whether they want it or not. What’s next? Guaranteeing the pork belly market?

It’s no wonder that even Ben Bernanke now favors a fiscal stimulus package that he’d normally hate. There’s really not too much left to do, is there?

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