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The press and Democratic presidential candidates may be panicking over the "subprime meltdown" of 2007, but so far policymakers are not. Fed chairman Ben Bernanke says he is willing to expand the money supply, but only if he sees evidence of deflation--not to bail out the companies that made bad loans and the institutions that invested in them. The Bush administration is making some modest regulatory changes to help troubled borrowers. If they are facing rising interest payments, they will be able to use Federal Housing Administration loans to renegotiate terms, and ...