Whats wrong with the bail out bill

From Naked Capitalism:

Nouriel Roubini Really, Really Hates the Bailout Plan

Did we say really? Even by the normal standards of Roubini's tendency to hyperventilate state his case forcefully, the good professor rises to levels of choler heretofore unseen.

Roubini focuses on many of the issues we have discussed in our earlier posts (most notably this one) but he teases out some of the issues in more detail. And he really hates it, whoops, I think we covered that already.

His big bones of contention are, like ours:

1. The plan is inefficient (ie, it doesn't discriminate between who ought to be saved or not, and in fact rewards those who created dud assets)
2. It runs counter to the best models of how to deal with this sort of problem
3. It does not punish current shareholders or management

This is by Yves Smith who is read by Paul Krugman.