Haven for Bad Debt

What a surprise on Wall Street today.  Look at the power of words from the right person to change the emotional collective in a flash.  If this entity is set up by the Fed, I would ask 'who' gets to put their bad debt there?  What is the criteria to qualify?  Do you have to be 'too big' to fail, have too much 'influence in the world markets?'  To save the group i.e. us, bad decisions and greed are being rewarded at the top levels.  I have heard all the reasons why we had to save Freddie, Fannie, and AIG, but as history shows, when there is a bubble in some sector of our economy, the latest being the housing market and mortgage downfall, there is an underlying correction required before the solid foundation is felt again.  What we are doing here is trying to buy time because of the fear that the foundation will crumble too.  Destruction, construction, and renewal are the cycles of life, at the individual and collective level.  I am enjoying the creative energy on the part of the Fed and SEC in trying to prevent what is normal.  

A major change today was Britain banning 'all shorting of stocks.'  Does that mean the U.S. is headed in that direction too as one of the tools in our basket to try and stem the downward spiral?  It looks like anything goes here.  That statement is what created the problem with the mortgage market.  We are repeating ourselves under the disguise of doing in a different way.