Socialized banking?

Associated Press again hit a nerve with me today when it announced the following:

"The Fed said it is creating a new entity to buy three-month unsecured and asset-backed commercial paper directly from eligible companies. It hopes to have the program up and running soon, Fed officials said.

Fed officials said they'll buy as much of the [short term] debt as necessary to get the market functioning again. They refused to say how much that might be, but they noted that around $1.3 trillion worth of commercial paper would qualify."

See: Fed to buy massive amounts of short-term debt

This makes me mad. The federal government can float businesses buy buying their short-term debt, but they cannot seem to figure out a way to keep the American work force healthy by providing universal health care?

The federal government can complain in hind sight about the mortgage company's that went under because they did not maintain enough capital to cover their outstanding debt, but yet they will cater to the other businesses like manufacturing? Grrr.