Right On

Megan McArdle sums up the problem of the billion dollar bailout rather nicely:

I don't think we can punish risk taking managers and the shareholders who enabled them as thoroughly as we might like without possibly taking the rest of us down with them. But allowing banks to selectively offload their crap on the government without so much as a rap on the knuckles for having bought the crap in the first place is taking things too far.