I know I'm irrational; I have a bias against the investment bankers who made millions of dollars shuffling Other People's Money around. I know that modern finance can be a wonderful thing; hedging risks and investing money in productive activities are worthwhile activities, but I have no idea how much of what Wall Street has been doing is financial snake oil and how much is essential to a well-oiled economy.
I have a bias against people who run up their credit cards or max out their home equity lines of credit to live beyond their means. If no bailout means housing prices fall further and it's impossible to buy a car with no money down... OK.
I also have a bias against the idea that giving a government bureaucracy $700billion to play with will fix the problem. There's just too long a track record of bureaucratic bungling, corruption and outright lying to trust them.
For example, the bill that passed the Senate last night contains, among other things:
Set aside whether or not you think rewarding domestic wooden arrow manufacturers or oil companies is a good idea or not. The fact that these little "sweeteners" made it into the bill means that some congress-critter is thinking, "Gee, I don't think I should support this; I don't believe Bernanke and Paulson when they say that we'll have a financial meltdown if we don't do this. But you know, if it helps out good-ole Rose City Archery, I'll vote for it..."
- Exempting children's wooden arrows from excise tax
- Income averaging for Exxon Valdez litigants for tax purposes