The Fed and JP Morgan Step in to Bail Out Bear Stearns

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"Tough times," "hard times," "uncertainty in a difficult period," all terms used by President Bush today to describe the US economy. But in a speech to the Economic Club of New York, he insisted he's up-beat. However, just before the President's pep talk, JP Morgan and the Federal Reserve of New York stunned Wall Street by coming up with emergency floats to keep the investment bank Bear Stearns Companies afloat.  Liz Moyer is senior staff writer at




Warren Olney