Conservative critics constantly carp that the culture of poverty has encouraged a sense of dependency on Washington. Of course, in recent months, the bureaucracy—the Federal Reserve, the Federal Housing Authority, Fannie Mae, and Freddie Mac—has generally ignored the struggles of poor homeowners. Yet it vaulted into action to save the bankers from their own disastrous bets. When Bear Stearns, the nation's fifth-largest investment bank, approached insolvency, the Feds orchestrated JPMorgan's acquisition of it.