The takeover heals near-term crises, but raises serious long-term questions.

Nationalization risk replaces credit risk in the financial sector.

The Fed takes a big chance in order to break the cycle of "immoral hazard."

The Fed has eschewed bailouts. Can the FOMC resist a pointless rate-cut today?

Government rescues are making the most important firms "too big to not fail."

With the SEC's ban on short-selling, two wrongs could make a right.

Treasury's bail-out is broader than the market now sees, and so will be the regulations.

Even the most aggressive rescue plan isn't likely to avert recession at this point.

Will credit markets get their bail-out? Will they even want the bail-out they might get?

Now a bill, but still no details. First take: it could have been worse, and it might work.