At one point in my life, I was an internal auditor, and I still have an auditor’s perspective on proposed government programs.
That perspective is nicely in sync with my conservative philosophy, and both lead me to evaluate using this question:
“If the most corrupt and incompetent people I’ve ever seen in government were in charge of this program, what safeguards are in place to minimize the damage they could do??”
The Paulson plan falls way short using that test.
Under what conditions would one these companies supposedly on the brink of disaster NOT sign up? If they can choose not to sign up because they don't want to lose their bonus can they really be on the brink?