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"JPMorgan, NYFED To Provide Financing To Bear Stearns"

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I don't even know what that means, neither does David Faber, but he said it's important and he's "making calls" so I'm doing my part and copying headlines down from CNBC.
Update: Sometime yesterday people stopped buying Bear's story that they "have this thing under control," that led to a loss of liquidity, Fed went to JP, was like "Can you help them out? We'll make sure you you don't get burned sticking your neck out on the line for a company that has its head up its ass," JP said "Okay," but not without sighing audibly first.
Also: In Mark Haines's opinion, "The chemo therapy is working." Why does it always have to be about cancer with you, Haines?
As an aside: No one can WRAP THEIR MINDS around the fact that Bear Stearns CEO Alan Schwartz, "a good friend of David Faber" was on CNBC the other day and didn't mention that anything was wrong. How is that possible? A. Schwartz isn't as good a friend as Faber thought (if he was, Schwartz would've told Faber about the hookers he's been using for the past decade). B. Schwartz had no idea anything was wrong (this is a Bear Stearns executive, people, it's not outside the realm of thinking). C. Everything really was a-okay on Wednesday, and then yesterday, everyone who'd been successfully deluded into thinking Bear knew what it was doing snapped out of it and took their money and got the fuck out of there, all at the same time.
Thompson Financial guy:"I wish I were a big, opportunistic hedge fund guy right about now." You know what? I kind of do, too. But not like a Julian Robertson, no, I don't see myself as a Julian Roberston. I can't decide, this is so hard. I bet it would be fun to be Dan Loeb, but I don't see myself making it more than an hour with the veganism. What about L-train? He always looks like he's having a good time. I'm going to think about this a little while longer.
Just wondering: Is JPMorgan going to buy Bear Stearns? Will rumors, real or imaginary, that they're going to, make Credit Suisse, who up until now has claimed to be too good for Bear, drop its Shack burger, and get in on that? I've been telling this kid from CS who has no say in the matter whatsoever to jump on it for the last few weeks and he just kind of laughs it off like I don't know what I'm talking about so, on a personal note, it'd be cool if someone could make some calls and get that scenario going. Not asking for a lot here.
Last thing: because people are seriously getting their knickers in a twit about the fact that ALAN SCHWARTZ DIDN'T SAY ANYTHING ABOUT ALL THIS DURING HIS CNBC APPEARANCE ON WEDNESDAY! Recall for a sec that the guy was in Palm Beach at the time. A. He might've gotten too much sun and just plain forgot to mention what was up. B. He was at the Breakers. The Breakers? Seth Tobias? Hello? I'm just saying, cut the guy some slack--his mind was clearly somewhere else.
Bear Stearns Agrees to Secured Loan Facility with JPMorgan Chase [Bear Stearns]