Where can you have your bad loan losses socialized and soaked up by the public sponge? In the United States of course. The new socialist republic seems to be in full swing.

Bernanke said the Fed is considering extending its emergency loans to broker-dealers beyond 2008. We are currently monitoring developments in financial markets closely and considering several options, including extending the duration of our facilities for primary dealers beyond year-end, he said.

Ben Bernanke endorsed the idea of sweeping new regulatory power for the Fed. “Holding the Fed more formally accountable for promoting financial stability makes sense only if the institution's powers are consistent with its responsibilities.”
The public sponge, via the taxpayer and the National Dept (debts placed on the taxpayer), the U.S. is apparently going to mop up the mortgage mess and new accounting rules will not apply to Fannie Mae and Freddie Mac.
Unlike the Fed, when you write a check the money has to be in the bank. You have to make good on the check otherwise you are punished with steep fines and/or jail-time.

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