Robert Samuelson does not like the hasty bailout.

Neither does George Will:

Members of Congress are being exhorted to stampede, like lemmings in reverse, away from a postulated cliff. But some of the economic geographers who say they know that the cliff is there, and that the economy will plunge over it if Congress stops to think before empowering the secretary of the Treasury to control the flow of capital through the veins of American capitalism, are some of those experts who said in March that prophylactic federal intervention in the matter of Bear Stearns was necessary to contain the crisis.

Everything that has been done for the past six months has been done to cope with what previous actions were supposed to prevent. A perhaps pertinent axiom: There is no education in the second kick of a mule.  ...

To the extent that today's crisis results in large amounts of capital being allocated by considerations other than those of economic efficiency, the nation will be consigned to less-than-optimal economic growth.

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