Manzi Again

He's been on a roll. This captures my view (except Jim has the expertise to back it up):

the (now modified) Paulson proposal is the worst possible course of action, other than any available alternative.

I'm actually curious as to what the markets will really do if this bailout fails to pass the Congress. I think there's as much queasiness about this shit sandwich passing as about its failing. And now we'll find out, won't we?