The Fed's decisive action initially was lauded. Now it's facing some second guessing. Business Week Online notes "Although the Fed insists that it isn't technically buying any (Bear Stearns) assets, in practical terms it's doing exactly that," making the Fed-driven JP Morgan Chase bailout deal unprecedented. The $29 billion loan to JP Morgan Chase, to help finance the deal, is somewhat murky. Somehow, JP Morgan is not considered the borrower. So it's unclear exactly how all this works and what risk the Fed and JP Morgan actually bear. We'll learn more at the upcoming hearings.  

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