In the sense of just rushing into a "knee-jerk" response, correct. However, something needs to be done to deal with this financial crisis. Just waiting for the market to self-correct would not be a wise move, particularly because it may not correct, or at least could likely take a long period of time.
While the bailout plan is not perfect, and some of the earmarks in it undoubtedly need to go, it on its face is a fairly good idea. I do agree with some other economists that capital needs to be provided in addition to the liquidity that the bailout provides, but that can be addressed later.
You started down the path to nowhere when stated that handing the government unchecked finaancial powers was a fairly good idea.
Have you evenn stopped to consider the House Republicans plan or is there just not enough pork in that for you?