Viewed From Afar, The Bailout Looks Lovely

Megan McArdle:

One of the interesting things to me about talking to other wonks about the bailout is that the wonks who support the bailout are, almost without exception, outside the beltway... By far the most optimistic estimates in the financial community come from the people who have virtually no dealings with Congress. Anyone who does, recognizes that this is not going to be bridge financing towards a massive restructuring. I'd wager even the supporters in the DC area would admit that GM is probably going to be back for more within the year.