Brian Wesbury gets it right on the current crisis. A few rules changes likely would have allowed private enterprise to solve this problem which began with government demands to lend money to people with no documented income and no down payment.
But I'm not hopeful that cooler heads will prevail. The ever-expanding federal government has the scent of a fresh kill in its nostrils. There likely will be no stopping this gigantic takeover of the private sector. In fact, look for it to expand to other areas in the next administration. The calculus will be, "if Wall Street can get a taxpayer bailout then why can't citizens get their health insurance paid for by the federal government" and more.
The lies about how this fiscal distress was caused by "deregulation" are enough to make one puke. We are up to our necks in regulation-- what we lack is freedom. While Democrats predictably find this to all be the worst thing to happen in America since 1929 while taking on none of the responsibility, McCain doesn't wrap himself in any glory when he calls it the worst crisis since the end of World War II. Pure populist baloney. But, in these times, it might just work. And the federal leviathan gains in size and clout while new, dreadful precedents are set.
UPDATE: Newt smacks it out of the park! Before DC Gets Our Money, It Owes Us Some Answers. This is must read materail.