Open Market has a quick summary of what the bailout entails: a big handout for Fannie Mae and Freddie Mac, no increase in responsibility, and with Democrats preventing Jim DeMint from even proposing an amendment preventing the behemoths from lobbying Congress for more in the future, practically a guarantee that this will occur again in the future.
John McCain’s got the right idea on this*: if they really are “too big to fail,” then any rescue should come at the cost of their “we keep all the profits, you take all the losses” deal with Congress, the board and high-level management that put them in such a mess, and their size (breaking them down into smaller companies).
* – If only that were true on many other issues…
